https://www.marketwatch.com/story/wh...es-11603992805
Prices could take a significant turn higher, however, if Democrat Joe Biden turns out to the winner of the Nov. 3 election, according to a recent analysis conducted by GasBuddy.
“A Joe Biden presidency would favor more environmental controls with respect to drilling and emissions, increasing fuel mileage standards, alternative vehicle power like electricity, expanded tax credits benefiting fuel efficient vehicle owners, and evolving from fossil fuels,” the report said. On the other hand, if President Donald Trump, a Republican, is re-elected, his policies would be “generally regarded as populist and pro-business, while perhaps marginalizing environmental factors.”
Either approach will have “significant implications for the supply/demand balance, which will impact what the average American will pay per gallon,” GasBuddy said.
“Traditionally, presidents had limited ability to move the needle at the gas pump, but in recent years that has changed,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a recent statement. He also said Biden openly stated that “he would end drilling, curbing U.S. oil production and end fracking, which could potentially send oil prices and thus gas prices higher.”