CNBC News reports that if gas prices plummet hit $3.25 on Thursday, it will mark the lowest cost since Thanksgiving Day in 2020.
Gas prices plummet across the United States, bringing relief to consumers ahead of Thanksgiving
According to AAA, gas prices have been steadily decreasing since late September, reaching a national average of $3.31 on Monday. This figure stands 36 cents lower than the same period in 2022, showcasing a significant drop. Bespoke Investment Group notes that prices have descended over 15% since Labor Day. They also highlight that this descent from Labor Day to Thanksgiving ranks as the sixth-largest decline over the past two decades.
The gas prices plummet comes as a positive trajectory for President Joe Biden as the country looks ahead to 2024. These gas prices plummet alleviates some pressure on consumers and contributes positively to perceptions of the economy under Biden’s leadership.
Experts suggest that the timing of this decrease is crucial for Biden’s administration
Traditionally, voters’ opinions about economic matters solidify around late spring and early summer. Lower gas prices plummet during this period could provide the administration with a favorable data point, potentially minimizing discussions that Republicans might leverage against Biden‘s economic policies.
As the cost of gas prices plummet, it offers consumers a welcomed respite and could potentially influence voters’ perceptions of the current administration’s handling of economic issues. With prices reaching a two-year low just in time for the holiday season, it offers a brief reprieve amid ongoing discussions about the country’s economic future.
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