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Gasoline Prices Tumble to 6-Month Low in Boon for Democrats

Antonia Mufarech

21 August 2024 at 3:49 pm·1-min read

(Bloomberg) -- Gasoline futures in New York tumbled to a six-month low, setting the stage for lower pump prices ahead of the US presidential election.

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As summer driving winds down, gasoline futures have softened to the lowest seasonal level in two years, with prices settling at the lowest since February. Pump prices are falling in tandem, dropping Wednesday to a five-month low of $3.398 a gallon, according to AAA. The national average has declined 24 of the last 26 days.

The trend may herald a timely election boost for Vice President Kamala Harris, as pump prices are one of the most visible measures of inflation for voters. A Bloomberg News/Morning Consult poll in May showed that three out of 10 voters in seven critical swing states consider fuel prices to be the most crucial economic factor for them.

--With assistance from Julia Fanzeres.

(Adds gasoline futures settlement in paragraph two and updates chart)

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