As August 2024 draws to a close, gas prices across the United States are continuing on their downward trend, offering relief to American roadtrippers. The national average for regular gasoline stands at $3.36 per gallon, down from $3.45 at the beginning of the month. This decline is part of a broader pattern, with prices falling steadily since May.
Historically, August tends to see higher gas prices due to increased summer travel demand in the US and Canada. However, this year bucks the trend, with prices lower than in previous months and significantly below last year’s levels. To thank we have record US oil production, reduced demand from China, and a relatively calm hurricane season so far.
Looking ahead, some analysts predict prices could dip below $3 per gallon before Thanksgiving, potentially remaining low into 2025 – a trajectory that could have significant implications for the upcoming US presidential election. This should be good news for Kamala Harris, as high gas prices can be a killer for the incumbent party.
However, Donald Trump’s campaign points to the fact that gas prices hit historic lows during his presidency. While presidents never have much control over gas prices, this was especially true during Trump’s time in office, when the pandemic halted travel, which lowered demand.