We just passed the 30-day mark with our new president of the United States (POTUS), Donald J. Trump. Those in the media as well as others are asking how is our new president doing? Here’s a question that was posed to me: Has there been a shift in gas prices under the new Trump administration?
Relying on gasoline price data from GasBuddy.com, here’s the answer in $/gallon:
- $2.286 Today
- $2.284 Last Week
- $2.312 Last Month
- $1.712 One Year Ago
Prices are down 2.6 ¢ from one month ago. In other words, gasoline prices have been relatively stable since President Trump’s inauguration on January 20, 2017. However, prices are up 57.4 ¢ over last year this time.
Another question that comes up frequently is whether or not presidential elections influence gas prices? The simple answer is no! Gasoline is a commodity, and prices are fixed by the market forces of supply and demand, not who is or is not president!
However, anticipate a rise in gasoline prices soon! As I shared in my last post on this topic, Steady Gas Prices Greet New Administration This President’s Inaugural Weekend, gasoline prices are expected to rise between the end of February and the beginning of March as refineries across the nation begin their operations and maintenance activities in preparation for the seasonal switch to cleaner burning gasoline for the summer months.
These seasonal hikes are due to the more expensive blend of gasoline required by the Environmental Production Agency (EPA) to meet the Clean Air Act. Refinery maintenance work could last several months. This causes a drop in production at some of the nation’s refineries which can lead to higher prices and potential “spot shortages” at the pump. Now that the question has been answered, the weather across the U.S. has been warmer than usual. Temps in Chicago hit 70 degrees Fahrenheit on this past Saturday. Say what you want about Punxsutawney Phil seeing his shadow back on February 2nd, warmer and better weather usually means more vehicle miles traveled (VMT).
Until my next post on this topic, happy motoring!