Grand Canyon Times

In addition to 40-year-high inflation levels, gasmiseryindex.com's latest Gasoline Misery Index shows that Americans will spend an average of $636 more on gas this year over last year. In Arizona, residents are projected to spend $739 more.

On April 1, President Joe Biden announced that the U.S. would release 180 million barrels of oil from strategic reserves over the next six months. That effort has eroded gas prices. However, many Republicans blame Biden for the huge price hikes.

“The Biden economy continues to set new terrible records," Senate Minority Leader Mitch McConnell (R-Ky.) said on Twitter. Inflation just hit its fastest pace in more than 40 years. Food, gas, and housing costs are crushing families. Prices are soaring way faster than workers’ pay growth.”

The Gas Misery Index tracks how much more or less the average American consumer will have to spend on gasoline year-over-year. The index is compiled from data from the American Automobile Association (AAA), as well as fuel efficiency data from the U.S. Department of Energy and average miles driven tracked by MetroMile.com. Projections in Arizona have stood at or near $800 for the past several weeks.

Biden’s latest attempt to bring down inflation included extending the availability of biofuel blends such as E15 to curb fuel costs and to cut reliance on foreign energy sources, according to Reuters. Since Biden’s latest announcement, Americans will be able to buy E15, a 15% ethanol blend, from June 1 to Sept. 15.

According to the U.S. Energy Information Administration, the national average for a gallon of gas was $2.33. It has increased nearly 75% when compared to the most recent national average price of $4.07. According to the “Biden Misery Index,” Americans are spending an average of $914 more per year on gasoline today since Biden entered office in January 2021.