Despite Global Crises, Gas Prices Slide as U.S. Election Nears

Fuel prices, which had soared after Russia’s invasion of Ukraine, have dropped to their lowest level since February.

Gasoline is approaching or has fallen below $3 a gallon in most states, returning to a national average not seen since February in one of the clearest examples of prices declining after a period of rapid inflation.

Prices at the pump averaged $3.16 for regular gas on Tuesday, down 11 percent from this time last year, according to the motor club AAA. Average prices have already dipped below $3 a gallon in 19 states, including the swing states of Georgia, North Carolina and Wisconsin.

That’s made filling up much more affordable than it typically is in the weeks before a presidential election.

Along with the cost of other staples like eggs and milk, the price of gasoline is frequently invoked by politicians and consumers alike as a barometer for the health of the economy and how Americans are faring financially. Gas prices have the added distinction of being prominently displayed almost everywhere, reminding drivers whether it’s more or less expensive to get to work or the grocery store.

Americans are currently spending around 2 percent of their disposable income on gasoline, less than they did in the run-up to all recent presidential elections besides the 2020 contest, according to ClearView Energy Partners, a research firm in Washington, D.C. Oil prices plunged that year as the world shut down because of the Covid-19 pandemic.

Vice President Kamala Harris has sought to capitalize on the economic good news, taking credit for the drop in gasoline prices. The Biden administration’s decisions to sell fuel from a national reserve and relax certain gasoline-making rules have helped to lower prices, the White House has said.