Though confounding variables, such as the hurricane season and downstream effects of extreme heat, could still shake things up, prices are expected to continue declining in the coming weeks — a welcome forecast for consumers, and for President Biden as he seeks reelection this fall.
Prices began the week at a national average of $3.44, a drop of nearly 10 cents from last week, according to AAA. By Wednesday, that average had ticked up to $3.45, but remains about 15 cents down from this time last year. The decline is even steeper compared to a month ago, when the average hovered around $3.61.
“[Prices] are coming down, and they’re likely to keep coming down until we get to the Fourth of July … that’s as far out as we’re comfortable projecting,” said Andrew Gross, a public relations manager with AAA. The gap could continue to widen, he said, possibly dropping below $3.30 for the national average.
“As far as prices go, it’s been a pretty noticeable decline for most folks to see,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
At the state level, he added, some states like Arizona are down nearly $1 a gallon compared to this point in 2023. As of Wednesday, AAA data indicates the averages in Oklahoma, Tennessee, Arkansas and Mississippi have all dipped below $3 a gallon. Zooming in even further, DeHaan said tens of thousands of individual gas stations are also below $3, most of them in the Gulf region and the South in general.
Looming over this minimal pain at the pump is the impending 2024 presidential election. Although presidents have little or nothing directly to do with the price of gas, they typically receive credit or blame for it from voters.
Biden in particular saw his approval ratings continue a downward slide in the summer of 2022 when already rising prices soared to record highs after Russia’s invasion of Ukraine disrupted global energy markets. The White House branded the spikes “Putin’s price hike” but has sought to take credit for the declines that have occurred since.
Read more in a full report at TheHill.com.
