GasBuddy analyst Patrick De Haan said that energy prices at the pump could see a big drop after the GOP suffered setbacks during Tuesday’s midterm elections amid the ongoing war with Iran.
Gas Could Drop to $3.65/Gallon
In a post on the social media platform X, De Haan said that there were “huge losses” in the oil market, which will “start passing” on to the pumps on Thursday and Friday.
“National average gas price could drop to $3.65/gal with diesel falling to $5.50/gal in weeks ahead based on today’s close,” De Haan said.
In the same thread, De Haan also responded to user @Cyrus_McCoy1, who termed the timing of the falling prices a “coincidence.”
De Haan said that the prices were down because “political pressure to act with how voters voted” was “very high” following the midterms, which was “putting downward pressure” on oil prices.
Gas prices fell further on Thursday, with the data collected by the American Automobile Association (AAA) showing that the national average price of gas was $4.1003/gallon on Wednesday.
Diesel also fell, with the national average price at $6.2564/gallon, which is a slight decline from Wednesday’s $6.2875/gallon price.
Trump Blames Iran
Following the Democrats’ sweep in the midterms, President Donald Trump acknowledged the role played by the steep gas prices in the polls.
“Because of the gasoline price, people don’t see it as much as they would have without it. And the gasoline was caused by Iran,” he said,” Trump said.
On the other hand, Trump also touted that the U.S. controlled over 50% of the world’s crude oil supplies, including Venezuelan oil reserves. He also said that U.S. oil surpassed that of Saudi Arabia and Russia.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Image via Shutterstock
