Peach Tree Times

As Memorial Day weekend approaches and the nation heads into peak driving seasons, the latest Gasoline Misery Index shows the average Georgian will spend an average of $863 more this year than they did last year. The Energy Information Administration (EIA) reported the current prices for the holiday weekend to be the highest inflation-adjusted prices in the past decade.

Gasoline prices continued to either rise or remain steady this week, but have yet to decline. Today's national average price per gallon has been reported at $4.60, nearly 50 cents higher than a month ago. The latest Gasoline Misery Index shows that on average, Americans will spend $819 more annually on gasoline now than they did at this time last year. In the state of Georgia, the average of $4.13 per gallon rose another 7 cents in the past week and the misery number sits at $863.

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 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.

Ahead of Memorial Day Weekend, GasBuddy asked Americans about inflation’s effects on their travel plans. According the a press release on the site, 70% said their summer travel plans have been affected by high gas prices, an increase of 24% over 2021. 

"Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we’re certainly seeing increased hesitancy due to rising prices at the pump," Patrick De Haan, head of petroleum analysis for GasBuddy, said. "Soaring inflation has led to uncertainty over rising costs."

According to a AAA report, more than 39 million people are expected to travel 50 miles or more from home during the 2022 Memorial Day holiday weekend. Drivers can expect to pay an average of 51% more to fill up their gas tanks this weekend when compared last year.

AAA reported that new data from the EIA shows that total domestic gasoline stocks decreased by 500,000 barrels to 219.7 million barrels last week. Gasoline demand also dipped slightly from 9 million barrels per day to 8.8 million barrels per day, which is why prices have remained relatively steady in the past seven days.

According to the EIA, in January 2021, the national average price per gallon of gasoline was $2.33. It has increased 97% when compared to today's national average price of $4.60, a number that the Gasoline Misery Index calls the Biden Misery Index. Americans are spending an average of $1,192 more per year on gasoline today since President Joe Biden entered office in January 2021.

On May 4, Sen. Raphael Warnock (D-GA) was among 44 Senate Democrats who voted against Sen. Barrasso’s (R-WY) motion to require the immediate development of a new five-year federal offshore oil and gas leasing plan. The plan, which is intended to ease energy prices in the U.S., mandated lease sales for oil and gas exploration in the Gulf of Mexico and off the coast of Alaska. Warnock is up for re-election this fall.