Do presidential elections affect gas prices? Here is what experts say.

Gas prices are down 2 cents in Palm Beach County this week. Palm Beach Post/Allen Eyestone

Gas prices are down 2 cents in Palm Beach County this week.
Palm Beach Post/Allen Eyestone

Do presidential elections affect gas prices? No, experts say.

“If there’s one thing to be excited about for November it’s that gas prices in the last five of them have not risen nationally. Better yet, over the same time frame, gas prices nationally have averaged a modest twelve cent decline from start to finish. And while there may be more excitement as America heads to the polls this week, it’s important to dispel the myth: presidential elections do not affect gas prices,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

“Whomever is our next Commander-in-Chief, we could see a change to previous energy policy which could have a negligible impact on gasoline prices, but more focus will be on OPEC’s coming decision to follow through on cutting oil output. Skepticism that OPEC won’t agree to a cut in production continues to prevail, with West Texas Intermediate crude oil closing last week at $44.07 per barrel, the lowest since September 20,” DeHaan added.

Palm Beach County’s average price for a gallon of regular gasoline inched down 2 cents in the last week to $2.35. Florida’s average fell to $2.20 from $2.22 last Monday, according to AAA’s Fuel Gauge Report.

Pump prices in Florida are likely to decline another 10 cents or more in the next week or two, said AAA spokesman Mark Jenkins.

Oil prices tumbled last week to six-week lows, due to an unxpected record-high build in doemstic crude oil inventories, AAA said.  Wholesale gasoline prices fell last week as well.

The Colonial Pipeline was shut down  following an explosion a week ago, and restarted Sunday. That outage had no effect on gas prices in Florida because the state is primarily supplied by waterborne shipments from Gulf Coast refineries, AAA said.

 

 

 

 

 

 

 

 

Reader Comments 0

0 comments