Gas prices in the United States have slightly declined over the past week | Yassine Khalfalli/Unsplash
Gas prices in the United States have slightly declined over the past week | Yassine Khalfalli/Unsplash
Gas prices in the United States have slightly declined over the past week, as a result of a drop in demand for crude oil. Today's national average price per gallon has been reported at $4.93, 33 cents higher than a month ago.
The latest Gasoline Misery Index shows that on average, Americans will spend $972 more annually on gasoline now than they did at this time last year. In the state of Georgia, the average of $4.43 per gallon is only 6 cents cheaper than last week and the Misery number now sits at $1,091.
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. The index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis.
This comes as AAA reported the Energy Information Administration (EIA) will not release new data this week on supply or demand for gasoline, or oil inventory levels due to "systems issues". The report pointed out that demand for crude oil has been falling due to concerns over the lack of economic growth and increasing inflation. This has contributed to the slight decrease in gas prices.
According to the U.S. Energy Information Administration (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 $5.00.
A number that gasolinemiseryindex.com calls the Biden Misery Index, Americans are spending an average of $1,365 more per year on gasoline today since the president entered office in January 2021.
Earlier this week, President Joe Biden called for Congress to suspend the federal gas tax for three months. This would amount to an 18-cent per gallon savings.
However, that solution is not without its criticism. Maya MacGuineas, opinion contributor for The Hill and president of the bipartisan Committee for a Responsible Federal Budget, emphasized the dangers of a federal gas tax suspension. Among many risk factors, she says a gas tax holiday would amplify the climate crisis and slow the development and adoption of cleaner technologies.
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