(The Center Square) – President Joe Biden’s approval rating dropped again, nearing the lowest point since he took office, a new poll shows.

Polling released by AP/NORC Thursday shows Biden’s approval rating at 38%, a drop from the 45% he reached in February. The poll had Biden at 36% approval last summer when gas prices broke record highs.

This dip in polling comes even as the inflation and gas prices problem has improved, suggesting other issues like the Hunter Biden scandal may be driving the president’s numbers down. The House Oversight Committee recently said millions of dollars was transferred from a Chinese energy company to a bank account connected to the Biden network, with much of those funds ending up in the accounts of Biden associates.

Regardless, inflation has been a thorn in the side of Biden’s presidency as Americans struggle to make ends meet after his several trillion dollars in new federal spending.

Now, only 31% approve of Biden’s work on the economy.

Biden has hinted at running again for president and is expected to make a formal announcement this summer.