Peach Tree Times

Record-high gasoline prices still average above $4 per gallon, as today's national average price per gallon has been reported at $4.16, up 4 cents from last week. The latest Gasoline Misery Index shows that on average, Americans will spend $667 more annually on gasoline now than they did at this time last year.

In the state of Georgia, the average is $3.71 per gallon and the misery number sits at $721.

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis using gas price data from the American Automobile Association (AAA), average fuel efficiency (mpg) data from the U.S. Department of Energy and average miles driven from MetroMile.com. With this, it 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 U.S. Energy Information Administration (EIA), in January 2021 the national average price per gallon of gasoline was $2.33. This number has increased nearly 79% when compared to Friday's national average price of $4.16.

A number that gasolinemiseryindex.com calls the “Biden Misery Index,” Americans are spending an average of $961 more per year on gasoline today since the president entered office in January.

“We've got to pass my Gas Prices Relief Act. Let's help folks save money at the pump,” Georgia Sen. Raphael Warnock wrote in a tweet Wednesday.

The Gas Prices Relief Act of 2022 was introduced in the House on March 31, according to the bill. It prohibits federal agencies from finalizing any regulations that would cause a decrease in domestic oil, gas, or biofuel production; an increase in gasoline prices or any negative effects on domestic energy production, domestic electricity generation, the transmission of fuel or electricity, infrastructure development, or transportation fuels. 

The prohibition may not end until Jan. 1, 2023 at the earliest, or until the average gasoline price is $2.60 per gallon or less, the bill states. 

This comes as the American Automobile Association (AAA) reports total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week, according to data released by the Energy Information Administration (EIA). Over that same period, gasoline demand decreased slightly from 8.87 million b/d to 8.7 million b/d. 

Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.