Georgia's current average price per gallon of gas was reported at $3.81. | Michael Barera/Wikimedia Commons
Georgia's current average price per gallon of gas was reported at $3.81. | Michael Barera/Wikimedia Commons
A combination of lackluster demand for gas and lower oil prices brought pump prices down again in the United States over the past week.
Prices are still higher than normal, as Georgia's current average price per gallon was reported at $3.81– 84 cents higher than it was a year ago.
The latest Gasoline Misery Index showed that on average, state residents will spend $599 more annually on gasoline now than they did at this time last year.
This news comes as AAA reported on Thursday that gas demand increased from 8.52 million barrels per day (b/d) to 9.25 million b/d last week, according to the latest data from the U.S. Energy Information Administration (EIA). Total domestic gasoline stocks decreased by 3.3 million barrels (bbl) to 225.1 million bbl, an indicator that higher demand reduced inventory last week.
"Consumers appear to be taking the pressure off their wallets by fueling up less,” Andrew Gross, AAA spokesperson, said in a news release. "And there's reason to be cautiously optimistic that pump prices will continue to fall, particularly if the global price for oil does not spike. But, the overall situation remains very volatile."
The Gasoline Misery 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 index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis.
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 $4.26, gas prices have increased 82.8%. Critics call this number the Biden Misery Index, as Americans are spending an average of $1,013 more per year on gasoline today than when President Joe Biden entered office in January 2021.
A recent national poll distributed by the Senate Opportunity Fund (SOF) found that 58% of Americans said they blame the president for high gas prices. This number includes nearly half (49%) of moderate voters and 27% of Democrats. The SOF poll was conducted between July 5 and July 7 and surveyed 800 people who are likely to vote in the general national election.
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