Peach Tree Times

Although gasoline prices across the country continued to decline again in the last week, Americans are still paying a premium at the pump.

During the month of June, gas prices jumped 11.2%.

As Georgia's gas price average is still high, so is the state's Gasoline Misery Index, which tracks how much more (or less) the average American consumer will have to spend on gasoline on an annualized basis.

"Gas prices rose 11.2% in June alone and are up nearly 60% from a year earlier," Ben Casselman, a New York Times economics, business, and data reporter, said on Twitter. "Grocery prices were up 1% in June (a bit slower than in May) and were up 12.2% from a year earlier."

A decline in demand for gas and crude oil prices allowed gas prices to decrease slightly in the United States over the past week. Georgia's average price per gallon on Friday was reported at $4.09, which is $1.15 higher than a year ago. The latest Gasoline Misery Index showed that on average, Georgians will spend $820 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. The index is 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. It tracks the average price of a gallon of regular gasoline and adjusts it using the average miles traveled by the average miles per gallon of American cars.                              

The Bureau of Labor Statistics (BLS) on Wednesday released the Consumer Price Index (CPI) data for the 12 months ending in June. The data showed a 9.1% all-items annual increase, which represents a 1.3% climb from last month and a new four-decade high. The largest contributor was the increase in the gasoline index, which climbed 11.2% during June after dropping 6.1% in April and climbing only 4.1% in May. It increased by 59.9% in the last 12 months.      

AAA reported on Thursday that gas demand dropped from 9.41 million b/d [barrels per day] to 8.06 million b/d last week, according to the latest data from the U.S. Energy Information Administration (EIA). Total domestic gas stocks increased by 5.8 million barrels. AAA predicted that drivers will continue to see steady price relief at the pump as long as these supply and demand dynamics hold.  

The national average price per gallon of gasoline was $2.33 in January 2021, according to the EIA. When compared to Friday's national average price of $4.58, gas prices have almost doubled. Critics call this number the Biden Misery Index, as Americans are spending an average of $1,182 more per year on gasoline today than when President Joe Biden entered office.                   

Biden's leadership has been criticized for months as many Americans continue to disapprove of his job performance, high inflation, and energy prices. The latest New York Times/Siena College poll revealed that the president's approval rating is now at 33% among Americans. More than three-quarters of registered voters responded that the United States is moving in the wrong direction.

"Pessimism spans every corner of the country, every age range and racial group, cities, suburbs, and rural areas, as well as both political parties," The New York Times reported.