Peach Tree Times

The cost of gasoline is starting to rise again in Georgia and across the U.S. as supply issues continue to impact prices.

Record-high gasoline prices still average above $4 per gallon, as today's national average price per gallon has been reported at $4.28, up 12 cents from last week. The latest Gasoline Misery Index shows Americans will spend an average of $704 more on gasoline this year than they did in 2021. In Georgia, the average is $3.79 per gallon and residents will spend an average of $756 more this year compared to last year.

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis, according to the Index’s website. Numbers are compiled 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. 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.

In January 2021, the national average price per gallon of gasoline was $2.33, according to the Energy Information Administration (EIA). It has increased nearly 84% when compared to Friday's national average price of $4.28. Americans are spending an average of $1,024 more per year on gasoline today than when President Joe Biden entered office, a difference the Gasoline Misery Index refers to as the "Biden Misery Index."

On May 2, AAA reported that pump prices rose again over the past week due primarily to the high cost of crude oil, which continues to hover around $100 per barrel. The price of oil accounts for approximately 60% of pump prices. Arizona's pump prices rose 8 cents in the last week.

“As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump,” Andrew Gross, AAA spokesperson said. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”

Sen. Raphael Warnock is pushing for the Gas Prices Relief Act to be passed. According to Congress.gov, the bill prohibits federal agencies from finalizing any regulations that would cause (1) a decrease in domestic oil, gas, or biofuels production; (2) an increase in gasoline prices; or (3) any negative effects on domestic energy production, domestic electricity generation, transmission of fuel or electricity, infrastructure development or transportation fuels. 

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

In an effort to bring down energy prices, in March Biden announced the release of up to $180 million barrels of crude oil from the Strategic Petroleum Reserve – the nation's emergency oil reserve – over a six-month period. According to CNN, Biden announced his plans to replenish this supply, starting with the purchase of 60 million barrels of crude oil. However, this will only cover one-third of the supply from president's record release and will take years, according to the Energy Department. Biden has yet to announce any plans of increasing domestic oil production.