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economy, world politics and, in turn, theaverage American wallet.
One point of curiosity has been the impact of gas prices following Bidens withdrawal.
So far, this summer, fuel prices at the pump have been declining, according to AAA statistics.
Average gas prices fell four cents per gallon from July 15 18, 2024.
AAA experts are attributing the lower prices to reduced demand because of the heatwave sweeping much of the country.
Maybe things will pick up soon.
Could Political Uncertainty Lead to Rising Gas Prices?
However, other finance experts disagree.
Investors might anticipate changes in regulatory policies, leading to fluctuations in oil futures.
The downward market trend continues.
The downward trend could continue if consumer confidence drops following Bidens withdrawal.
Consumer confidence is crucial, as it affects spending behaviors, including fuel consumption, Godur said.
Pre-election, gas prices will be shaped by campaign promises andperceived policy impacts, he said.
Conversely, candidates pushing foraggressive climate change measurescould lead to concerns about restricted supply, driving prices higher.
Politics have a very limited effect, he said.
Most Americans vastly overestimate the power a U.S. president has over a global commodity, De Haan said.
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