The Biden administration blames rising gas prices on Russia's invasion, but data shows cost was growing long before. | Pixabay/Paul Brennan
The Biden administration blames rising gas prices on Russia's invasion, but data shows cost was growing long before. | Pixabay/Paul Brennan
Although gasoline prices nationally have continued to slightly decline, Americans are still paying a premium at the pump.
The Gasoline Misery Index on gasmiseryindex.com tracks how much more (or less) the average American consumer will have to spend on gasoline on an annualized basis. As the national gas average hovers just below $5 a gallon, this week's index currently sits at $904. Arizona fares worse, with its index at $1,059.
In a news conference this past week, President Joe Biden said Americans should be prepared to weather high gas prices for "as long as it takes," referring to the war in Ukraine.
As demand for crude oil continues to drop, gas prices in the United States have slightly declined over the past week. Today's national average price per gallon has been reported at $4.84, 17 cents higher than a month ago, AAA reported.
AAA reported that the Energy Information Administration (EIA) announced that demand for gasoline has fallen for two consecutive weeks, and that demand is lower now than it was at this time last year. The result is slightly cheaper crude oil. The report pointed out that demand for crude oil has been falling due to concerns over the lack of economic growth, increasing inflation and rising interest rates. This has contributed to the slight decrease in gas prices.
Compiled using gas price data from AAA, average fuel efficiency (mpg) data from the U.S. Department of Energy and average miles driven from MetroMile.com, the index tracks the average price of a gallon of regular gasoline and adjusts using the average miles traveled by the average miles per gallon of American cars.
According to the EIA, in January 2021 the national average price per gallon of gasoline was $2.33. It has more than doubled and has actually increased over 111% when compared to Friday's national average price of $4.84. A number that gasolinemiseryindex.com calls the Biden Misery Index, Americans are spending an average of $1,318 more per year on gasoline today since the president entered office in January 2020.
In June, Biden called for Congress to suspend the federal gas tax for three months. This would amount to an 18 cent per gallon savings.
However, Biden's proposed gas tax suspension does not appear to have much Congressional support. Biden might have to convince key members of his own party to vote for the suspension. According to CNN, key Democrat senators consider the proposal "shortsighted," "inefficient" and not guaranteed to work.
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