The price of gasoline is highly salient in both politics and the economy. Generally when the price of gasoline goes down, the public’s mood starts to improve. That sense of optimism then feeds into politics and the broader market. For instance, the approval rating of President Joe Biden seems to have some inverse correlation with prices at the pump. Shortly after unleaded gas prices soared to more than $5 per gallon in June, Biden’s approval rating dropped to a record low of 36.8%, according to Real Clear Politics polls. Since then, however, gasoline prices have come off dramatically and Biden’s approval rating has seen a significant bounce. Source: Bloomberg But it’s not just the president’s job approval that seemed to benefit from falling prices. The S&P 500 […]