The national average price of gasoline is set to fall below the $3 per gallon mark by the end of October, ahead of the presidential election in early November, analysts say.
The end of the summer driving season, lower international crude prices, and gas stations starting to sell the cheaper winter-type gasoline are all set to combine and lower the prices at the pump for the American consumer, possibly weeks ahead of the presidential election.
The national average price as of Thursday, September 12, stood at $3.242 a gallon, according to data from AAA. That's $0.20 per gallon lower than a month ago and $0.60 lower compared to this time last year.
Analysts expect further declines with weakening demand off peak season and a drop to below $3 of the national average - which would be a first for more than three years - at some point in October.
A dozen U.S. states already have gasoline prices below $3 per gallon, and these include North Carolina, considered a swing state in the 2024 presidential race. Price in two other swing states, Georgia and Wisconsin, were at about $3.02 on average on Thursday, per AAA data, meaning that they will very soon join the below-$3 gasoline price club.
Considering that president polling is inversely related to gasoline price trends, falling gasoline prices could be a boost to Democratic presidential candidate Kamala Harris.
"Americans will definitely remember the price they see when they drive into polling stations, so this is definitely good news for Harris in her campaign for president against Republican Donald Trump," Patrick De Haan, head of petroleum analysis at GasBuddy, told Reuters.
Earlier this week, De Haan wrote that nation's average price of gasoline has declined for six consecutive weeks.
"We expect the national average could fall below $3 per gallon as early as October for the first time since 2021, which would be music to the ears of motorists and certainly to politicians who are angling to be elected this fall," De Haan added.
By Michael Kern for Oilprice.com
Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, More
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