As the summer approaches, gas prices are rising again. | Shutterstock
As the summer approaches, gas prices are rising again. | Shutterstock
The misery is rising again, nationally and in Wisconsin.
The Gasoline Misery Index, which tracks how much more (or less) the average American consumer will have to spend on gasoline on an annualized basis, is moving up again. It hit $704 this week.
"As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will, in turn, face higher prices at the pump," Andrew Gross, AAA spokesman, said. "It now costs drivers in the U.S. about $23 more to fill up than a year ago."
Record-high gasoline prices average above $4 per gallon, as Friday's national average price per gallon has been reported at $4.28, up 12 cents from last week. The latest Gasoline Misery Index showed that on average, Americans will spend $704 more annually on gasoline now than they did at this time last year.
AAA reported on May 2 that pump prices rose again over the past week, due primarily to the high cost of crude oil, which continues to hover around $100 per barrel. The price of oil accounts for approximately 60% of pump prices. In the state of Wisconsin, the average is $4.05 per gallon and the misery number sits at $733.
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.
The national average price per gallon of gasoline was $2.33 in January 2021, according to the U.S. Energy Information Administration (EIA). It has increased nearly 84% when compared to Friday's national average price of $4.28 per gallon.
Americans are spending an average of $1,024 more per year on gasoline today since President Joe Biden entered office in January – a number that critics of the president call the "Biden Misery Index."
In an effort to bring down energy prices, Biden in March revealed the release of up to $180 million barrels of crude oil from the Strategic Petroleum Reserve – the nation's emergency oil reserve – over a six-month period.
Biden's plan to replenish this supply started with the purchase of 60 million barrels of crude oil, according to CNN. This will cover only one-third of the supply from the president's record release and will take years, according to the Department of Energy. Biden has yet to announce any plan for increasing domestic oil production.
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