As consumers get some welcome relief from painful gasoline prices heading into the Fourth of July holiday, President Barack Obama’s approval ratings on his handling of the economy have also taken a dip for the same reason: worsening economic conditions.

Just 33 percent of Americans now believe the president is doing a “good” or “excellent” job when it comes to the economy, according to a Rasmussen poll.

That’s down from 41 percent at the beginning of May, which could be yet another sign that the president’s re-election chances are tied more to the economy than to any other political issue.

“This election is more than just a referendum on President Obama. It is a referendum on his handling of the economy,” declares Political analyst and Democratic pollster Doug Schoen in an exclusive interview with Newsmax on Friday.

InsiderAdvantage head and pollster Matt Towery agrees with Schoen’s assessment. “Regardless of what poll you’re looking at the president’s not doing well in the economy in terms of just dealing with the economy.”