Gasoline Hits Election Day Record Despite Weekly Price Drop

U.S. gasoline averaged $4.12 per gallon early November 3, a record for Election Day, even as prices fell sharply over the previous week, according to GasBuddy data. The price remained $1.13 higher than a year earlier, putting fuel costs in focus as Americans voted in midterm elections. GasBuddy’s national average had dropped 17.1 cents per gallon in the preceding week, its largest weekly decline in several months, and was down 24.7 cents from a month earlier. The figures were compiled from more than 12 million fuel-price reports at over 150,000 stations. Diesel prices also declined in most states during the week, according to GasBuddy petroleum analyst Patrick De Haan. De Haan attributed the recent easing in gasoline prices partly to the completion of refinery maintenance and seasonal demand declines as cooler weather set in. He warned that prices could become volatile again, with developments involving Iran and oil shipments through the Strait of Hormuz among the factors that could affect markets. Continued Ukrainian strikes on Russian refineries were also cited as a potential influence. The Election Day record and presidential-term comparisons refer to different measures....