Your Stories Q&A: Does the election impact gas prices?

SYRACUSE, N.Y. (WSYR-TV) – You ask, we answer!

Question: Does the election impact gas prices?

If you noticed gas prices falling in the weeks before the election, that's due to the change in season and not political season, according to GasBuddy.

"Just a normal November. Gas prices go up in the spring and go down in the fall. This has been true for decades and decades. It has to do with much more than who is running on the ticket, it really doesn't matter. Supply and demand are the biggest factors when it comes to gas prices, not who's on the ticket and not who's in the White House," said Patrick De Haan, GasBuddy's Head of Petroleum Analysis.

De Haan said when temperatures start to cool, we don't drive as much. Fewer people on the road, leads to less demand for gasoline, which causes prices to drop. He added that prices tend to peak around Memorial Day as road travel picks up in the spring.

He also said gas stations switch over to the less expensive winter gasoline blend in the fall, which also helps drive prices down.

In a Nexstar Media published in late August , an S&P Global analyst shared an opinion similar to De Haan's.

"The president, regardless of party, is often seen by the public as somehow responsible for gasoline prices," said Jim Burkhard, S&P Global Commodity Insights' vice president and head of research for oil markets, energy and mobility. "The president will be blamed for high gasoline prices or take credit for low prices. The reality is gasoline prices are determined in the global oil market – which no one controls, including the US president."

However, AAA had a slightly different take on the election and the influence a president can have on gas prices. A spokesperson said presidential elections typically don't have an immediate impact on gas prices, but policies can play a role.

Normally, presidential policies, once a new leader is in office, could impact pump prices. For example, President Biden had several green initiatives that limited drilling for oil in certain regions, relied on foreign oil, and supported vehicle electrification with funding for EVs and EV charging stations," said Elizabeth Carey, Director of Public Relations & Corporate Communications for AAA of Western and Central New York.

Carey said other factors, such as oil prices, geopolitical issues and taxes, can also cause prices to fluctuate.

As for current prices in the Syracuse area, AAA says the average in this region is $3.20.

De Haan said barring any major economic disruptions, gas prices should continue to slowly fall. He said we could be paying around $3.00 a gallon for much of the winter.

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