October 20,2022-
If the price of gasoline is the top midterm election issue this November, Democrats can breath a little easier as AAA says the price fell in the past week in competitive election states where the vote is close and people are beginning to vote (as of October 20.)
After climbing for several weeks, across the US, gasoline prices are down. In closely watched competitive election states where the electorate is divided nearly 50-50 between the GOP and Democrats- like Nevada- prices at the pump are down 20 cents in the past week. Wisconsin is down 18 cents, Texas is 7 cents cheaper this week, Ohio down 13 cents, Georgia down 3 cents while Pennsylvania is up 2 cents.
If voters focus on the short term – its a plus for Democrats while if you remember prices vs last year the news is not so rosy. Prices are up nationwide by 56 cents year over year.
Still, the average price gas across the US has dropped dramatically from earlier this summer says Gas Buddy(see chart)
AAA says as of Oct 17 that domestic gasoline demand decreased as fewer drivers fueled up in the first half of October. According to the Energy Information Administration (EIA), gas demand decreased nationally from 9.47 million b/d to 8.28 million b/d, and total domestic gasoline stocks increased by 2 million bbl to 209.5 million bbl.
Lower gasoline demand, amid increasing supply and fluctuating oil prices, has contributed to the national average moving downward. If demand continues to drop coupled with a slide in oil prices, drivers could see increases in prices at the pump start to slow and even come down through the week.
In California with an average of $5.875/gal- the price has now dropped about 55cts/gal in under 2 weeks says oil analyst Tom Kloza.
.
The national average pump price for a gallon of gas decreased three cents over the past week to hit $3.88. October 17 national average of $3.88 is 20 cents higher than a month ago and 56 cents more than a year ago.
In the past day President Biden said he would release more oil from the Strategic Oil Reserve to try to bring prices down more.