In brief
With gasoline prices averaging $3.16 nationally, Americans are spending a smaller portion of their disposable income on fuel compared to previous election cycles.
Gasoline prices have seen a notable decline, averaging $3.16 per gallon as of October 22, 2024, representing an 11 percent drop from the same time last year. This price reduction has made filling up more affordable just before the presidential election. In fact, gas prices have dipped below $3 a gallon in 19 states, including key swing states such as Georgia, North Carolina, and Wisconsin. The decrease in fuel prices is not only a win for consumers but is also often cited by politicians as an indicator of economic health. Current data shows Americans are spending about 2 percent of their disposable income on gasoline, a lower percentage than prior presidential elections—except during the pandemic in 2020 when prices dramatically decreased.Vice President Kamala Harris has publicly acknowledged the positive economic impact of declining gas prices, attributing this trend to the Biden administration's proactive measures. These include selling fuel from the national reserve and easing certain regulations on gasoline production, which have all contributed to the lower prices consumers are now enjoying. As the election approaches, both political parties are keenly aware of the significance of gas prices, often using them to bolster their economic narratives as they seek to sway voters.
