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Nobody likeshigh gas prices.
That said, the president could have an indirect impact on gas prices.
Certain policies and new legislation could influence the cost of gasoline.
Just know that prices are primarily based on oil prices, which are largely related to supply and demand.
The majority of gasoline sold in the U.S. comes from U.S. refineries.
His administrations policies were more focused on energy independence and deregulation of the oil and gas industry.
If Trumps policies result in more domestic production, it could lead to lower gas prices.
In the short term, he said there could be an overall reduction in petroleum prices.
This is due totwo main factors:
In the long term, Warren said, Prices may stay low.
However, this wouldnt necessarily just be due to whos in office.
Other factors like environmental factors and market volatility can also affect gasoline prices.
If oil prices go up on a global scale, it could affect domestic production (and costs).
Back in early 2022 when Russia invaded Ukraine, oil prices skyrocketed due to concerns over supply.
This isnt too surprising considering Russia is one of theleading oil producersin the world.
At that time, the price of gasoline was around $3.60 per gallon.
Within about a week, prices had risen to over $4 a gallon.
A couple of months later, theyd gone up to an average of $5 a gallon nationwide.
During this period, President Biden strived to get a handle on the situation.
This included drawing a record amount of gasoline from theStrategic Petroleum Reserve(SPR).
This isnt the only incident that gives weight to the concept that theU.S.
presidentdoesnt have quite as much control over gasoline prices as people might think.
Since 1993, gas prices have risen pretty consistently with only a few notable drops.
This could then lead to lower prices both in theshort- and long-term.
However, the long-term impact might not be as significant as it seems.
Along with this, gas prices continue to rise, seemingly regardless of whos in office.
As of July 2024, a gallon of fuel goes for $3.60 on average.
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