Do elections influence gas prices? Columbus motorists now paying under $3 per gallon
COLUMBUS, Ohio (WCMH) – The average price for a gallon of gasoline in Columbus has fallen below $3 per gallon and it has nothing to do with the upcoming presidential election, experts say.
According to GasBuddy’s survey of 500 stations in the Columbus area, the average price at the pump fell by 11.6 cents per gallon last week to reach $2.93. The current price is 31.1 cents per gallon lower than last month and 22.7 cents per gallon lower than this time one year ago.
The cheapest gas station in the Columbus area was priced at $2.72 a gallon, while the most expensive was $3.29, a difference of 57 cents per gallon. In Ohio, the average price of gas also fell by 14.4 cents from $2.96 per gallon to $2.81 per gallon
Nationally, gas prices also experienced a small decline of 5.3 cents per gallon to reach $3.07, while the price of diesel continues to hit new lows since January 2022, settling at $3.54 per gallon.
According to GasBuddy’s head of petroleum analysis Patrick De Haan, the decline in fuel prices is common this time of year due to supply and demand, and it has very little, if anything, to do with politics, politicians or elections. The country’s presidential election is eight days away but it is merely a coincidence that prices at the pump are falling.
"While many Americans may incorrectly credit the upcoming election for the declines, politicians have little influence over the strong seasonal forces that drive prices lower in autumn,” De Haan said. “The drop in demand is pushing gas prices down—not politicians on either side. I expect the decline in gas prices will continue into and even beyond the upcoming election."