On Tuesday, President Biden posted a tweet celebrating a two-week drop in the national average of the price of a gallon of gas.
Gas prices have decreased for 2 weeks, and are down by more than $1.20 since their June peak.That’s saving American families with two cars about $130 per month on average. pic.twitter.com/TfCx7AoeFSOctober 25, 2022
Ahead of the midterm elections, prices at the pump continue to dominate headlines and stump speeches. Whether that will translate into a meaningful, sustained drop in the pain many Americans feel each time they fill up remains to be seen (and Kiplinger's forecasts energy prices will stay elevated through the fall).
Much like swings in the stock market, politicians take equal measures of credit and blame for swings in the cost of gasoline. But the reality is that gas prices don't hinge on elections. Energy markets are hugely complex with the cost of a gallon moving on everything from refining capacity to crude prices to geopolitics.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Everything from refinery outages to OPEC export reductions has recently pushed fuel prices higher. And consumers continue to fret over those additional costs alongside broader worries about persistent inflation in everything from food to auto insurance.
The one area where politicians do have an increased measure of control - gasoline taxes - has resulted in taxes being cut or subsidies sent out to give motorists some relief this year. However, even with government intervention, the overall impact on the price of gas has been negligible.
For consumers feeling the pinch, there are ways to save on gas. Dropping overall vehicle weight, removing roof racks and driving at a more reasonable speed all help, at least a bit. Whether voting in November will make a similar difference is still an open question.
For expert updates on energy prices and the economy, subscribe to The Kiplinger Letter. Click here for a free issue and more information.
-
What Happens Financially When You Work One More Year?The impact of saving more, spending less later and benefiting from an extra year or more of compounding can be truly staggering.
-
Seven Ways to Spend Your Tax RefundYou may want to splurge, but using your tax refund to save for the future or pay down debt is a much better idea — even if not as fun.
-
Current Challenges Highlight U.S. Foreign Policy Weakness: The Kiplinger LetterThe Kiplinger Letter America’s military is overextended but the U.S. remains the country of first resort when major problems crop up.
-
The 2024 Race for President Looks Like a Rematch: The Kiplinger LetterThe Kiplinger Letter Nine months away from Election Day 2024, the presidential field has narrowed and a 2020 rematch is almost certain.
-
10 Predictions for 2024 from The Kiplinger LetterThe Kiplinger Letter As 2023 wraps up, here are 10 big predictions for the new year.
-
Biden Has One Last Obamacare Policy To Roll Out: The Kiplinger LetterThe Kiplinger letter This final Obamacare policy would require states to synchronize open enrollment if they operate their own Obamacare exchanges.
-
Move Over Biden, Congress' Approval Rating is Just 13%: The Kiplinger LetterThe Kiplinger Letter According to a recent Gallup poll, Congress’ approval rating is the lowest since 2017.
-
Biden Plans Slate of Regulations from Clean Power to Fuel Efficiency: The Kiplinger LetterThe Kiplinger Letter The White House is poised to roll out an expansive slate of regulations — getting things shipshape, before the next election.
-
President Biden Builds the Wall: The Kiplinger LetterThe Kiplinger Letter Democrats are divided on how to handle illegal border crossings, but roughly 65% of voters, on average, disapprove of Biden's handling of the issue.
-
New Employment Guidance Proposed on Hostile Work Practices: The Kiplinger LetterThe Kiplinger Letter New guidelines for employers fueled by a sharp increase in employment discrimination lawsuits in 2023.
