GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Currently, the national cost of regular gasoline is $3.47 on average, according to the AAA.
Midgrade gasoline goes for $3.92, while premium is $4.27 on average.
But be aware that other factors also play a role in how much gasoline actually costs.
Heres what you better know aboutthe price of gasoline and how it might change going forward.
The greater the supply, the lower the costs generally speaking.
When supply is limited and demand is high, prices tend to rise.
Moreover, Harris has previously focused onclimate change initiativesthat could contribute to more investment in renewable energy sources.
If this occurs, domestic oil production could start to decline.
This would limit the current supply aside from imported oil and potentially lead to higher gas prices.
In the short term, Warren predicts that prices will increase but only slightly.
The possible restrictions on oil drilling and production could further limit supply and increase costs.
After all, if it becomes harder to produce gasoline, itll become more of a commodity.
A recentWorld Oil articleindicated that Kamala Harris could ban fracking.
If fracking is banned, it could cut production by as much as 25%.
Thats a massive reduction and could result inmuch more limited supplyand again higher prices.
There is the possibility that demand will fall, something that could cause gas prices to even out.
Warren substantiated this idea by indicating that Harris could prioritize alternative energy over fossil fuels.
This would cut down on how much people and the automotive industry rely on fossil fuels.
And it would either stabilize or even lower gas prices as a whole.
It just might take some time.
More From GOBankingRates
Share This Article:
