Gas Prices

Expert weighs in on whether election will affect gas prices

The immediate outcome of the presidential election tends to have little impact on gas prices, which are down 2 cents in Wichita from a week ago.
The immediate outcome of the presidential election tends to have little impact on gas prices, which are down 2 cents in Wichita from a week ago. File photo

Gasoline prices in Wichita averaged $1.97 per gallon on Monday, down 2 cents per gallon from the week before, according to gasoline price website GasBuddy’s daily survey of local gas outlets.

This compares with the national average, which has increased 0.5 cents per gallon in the last week to $2.21 per gallon.

Patrick DeHaan, senior petroleum analyst for GasBuddy.com, said moves by OPEC have a lot more influence on gas prices than the immediate outcome of Tuesday’s presidential election.

“While there may be more excitement as America heads to the polls this week, it’s important to dispel the myth: presidential elections do not affect gas prices,” DeHaan said in a statement.

“Whomever is our next Commander-in-Chief, we could see a change to previous energy policy which could have a negligible impact on gasoline prices, but more focus will be on OPEC’s coming decision to follow through on cutting oil output,” he said. “Skepticism that OPEC won’t agree to a cut in production continues to prevail, with West Texas Intermediate crude oil closing last week at $44.07 per barrel, the lowest since September 20.”

Dan Voorhis: 316-268-6577, @danvoorhis

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