Peach Tree Times

Gas prices are decreasing slightly across the United States as demand for crude oil continues to drop.

Georgia's average price per gallon has been reported at $4.23 this week — $1.30 higher than a year ago. The latest Gasoline Misery Index shows that on average, Georgians will spend $927 more annually on gasoline now than they did at this time last year.

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis. 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.

This comes as AAA reported Thursday that total domestic gas stocks decreased by 2.5 million bbl. while gas demand increased from 8.92 million b/d to 9.41 million b/d ahead of the Fourth of July holiday, according to the latest data from the Energy Information Administration (EIA). While these supply/demand trends would typically put upward pressure on pump prices, AAA reports falling oil prices have contributed to lower pump prices.

According to the EIA,  in January 2021 the national average price per gallon of gasoline was $2.33. When compared to Friday's national average price of $4.72, gas prices have more than doubled. A number that gasolinemiseryindex.com calls the Biden Misery Index, Americans are spending an average of $1,255 more per year on gasoline today since the president entered office in January.

Since February, President Biden has consistently blamed Russia's Vladimir Putin for America's high gas prices. However, in a recent press conference video, Biden acknowledged high gas prices may also be a result of his administration's transition away from fossil fuels.

"When it comes to the gas prices, we're going through an incredible transition that is taking place that God-willing when it's over we'll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” Biden said.

In June, Biden called on Congress to suspend the federal gas tax nationally for three months. This would amount to an 18-cent per gallon savings, though this does not appear to have much Congressional support. In fact, it's looking like Biden will have to convince important 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.