Grand Canyon Times

The latest Gasoline Misery Index shows that the average American is now spending more than $1,000 annually on gasoline than last year, as gas prices now near $5 per gallon nationwide.

The Gasoline Misery Index tracks how much more or less the average American will spend on gas over the previous year, currently sitting at $1,005. In Arizona, that number is now $1,107. In May, inflation reached 8.6%, according to an WBBH News report, and gas prices were listed as a driving force. 

"The pain of higher prices continues for US consumers,” the station stated in a twitter post. “Record gas prices drove inflation to 8.6% for the 12 months ending in May, higher than the pace in April.”

Gas prices climbed 23 cents in the past last 7 days. According to gasmiseryindex.com. Today's national average price per of $4.99 is 61 cents higher than a month ago. In Arizona, the average cost is $5.30 per gallon, 21 cents higher than last week.

The American Automobile Association (AAA) reported June 9 that domestic gasoline stocks decreased by 800,000 barrels to 218.2 million as of last week. At the same time, the demand for gasoline grew from 8.98 million barrels per day to 9.2 million as summer approaches, a time when demand typically grows. With supply, demand and oil prices constantly in flux, AAA says the combination is likely to keep gas prices elevated.

Gasoline Misery data is compiled using gas price data from AAA, average fuel efficiency from the U.S. Department of Energy, and average miles driven from MetroMile.com.The index compares the average price of a gallon of gasoline to the average number of miles driven and the average efficiency of American cars.

According to the U.S. Energy Information Administration (EIA), gasoline was $2.33 per gallon on average in January 2021, when President Joe Biden took office.The price has increased 114% to reach last week’s national average of $4.99. A number referred to as the “Biden Misery Index,” on gasmiseryindex.com shows Americans are spending an average of $1,395 more per year on gas than when Biden took office.

The Bureau of Labor Statistics (BLS) released the Consumer Price Index data for the past 12 months, which showed that the the largest contributors to increased inflation were shelter, gasoline, and food. The gasoline index climbed 4.1% in May and 48.7% in the last year, the BLS reported.

On March 31, Biden announced a plan to the release up to 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) over a six-month period. Although Biden claimed the long-term effect would be a reduction in gas prices, an early drop in the prices was short-lived.

Gas prices have jumped 18.2% since Biden announced the release, according to AAA, and the $4.22 per gallon rate then was, 77 cents cheaper than the current average.