Is the election responsible for declining gas prices? - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Is the election responsible for declining gas prices?

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PHOENIX -

With less than two weeks before the election, the price at the pump has steadily dropped.

In Arizona, the average statewide price for unleaded is $3.68 a gallon, down three cents in the last week.

Nationally, the average is even better, down 14 cents.

All of this thanks to two weeks of declining gas futures.  But is it a coincidence, or something more!?

It turns out gas prices are not related to the presidency at all.

In fact no president has direct control over how prices are determined.

It's actually determined by a lot of factors, much of it simply supply and demand  and good old fashioned competition.

"Prices are virtually never the same for two gas stations, so almost every station is paying a different price for it's gasoline and prices can vary significantly day to day," said Patrick Dehaan, a petroleum analyst.

So why are prices are dropping now?

Much of it is seasonal.  historically, the price of gas always drop in the fall and rises again in the spring.

"Part of it is certainly the switch from Summer to Winter gasoline... winter gasoline is cheaper to produce," said Dehaan.

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