While positive economic indicators may be playing a role in President Barack Obama's recent boost in
job approval ratings, the recent drop of gas prices may be the main factor behind the trend,
The Washington Post reported.
"What's behind the boost in confidence? There's a pretty clear contender on that, too: gas prices. Earlier this month, we pointed out that Americans are saving billions because of the dip in prices," the Post said.
"We've noted before that average hourly wages have stayed flat for years, once you adjust for inflation."
Putting the two together, the Post said, the gas price effectively boosts wages, or in other words, the amount of disposable income Americans have.
"So it's not as simple as lower gas prices —> greater economic confidence —> more Obama approval.
"But considering the relationship between how much people have to spend and how much they're spending on a critical part of their household budgets certainly suggests that those arrows reflect some aspect of what's happening," the Post concluded.