CHARLOTTE, N.C. — There's a myth circling and it impacts our wallets, especially during an election year. It claims that gas prices fall during election seasons. Some think it has to do with who is president at the time.
Let's verify.
THE SOURCES
- Denton Cinquegrana, chief oil analyst at the Oil Price Information Service (OPIS)
- Personal finance website Money
THE QUESTION
Do gas prices go down during the election season?
THE ANSWER
Yes, gas prices do go down during election seasons, but that's because prices dip every fall.
THE QUESTION
Are presidents responsible for gas prices?
THE ANSWER
No, presidents and politicians do not control that drop in gas prices.
WHAT WE FOUND
A report from Money notes that with President Joe Biden running for reelection, he may try to use low gas prices to his advantage closer to November.
But Republicans have been attacking Biden on the issue as gas prices have climbed 60 cents since the start of 2024. The national average now sits around $3.67.
But Cinquegrana said the price at the pump doesn't have much to do with either party at all. In an interview with Money, he shared two reasons why.
First, demand for gas usually declines after Labor Day following the summer driving season.
Second, every fall there's a switch from summer-grade to winter-grade gasoline, and the winter-grade fuel tends to be a bit cheaper.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.
WCNC Charlotte's Verify series is all about trying to make a difference in the Carolinas by making sure the community has the correct information. WCNC Charlotte outlines concisely what we know and what we don't know. Sometimes the answer can be surprising. Watch previous stories where we verify social media claims in the YouTube playlist below and subscribe to get updated when new videos are uploaded.
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