The Sconi

Even with gas pump prices slightly ticking down over the last week, Americans are still on track to spend more than $1,000 more per year on gasoline this year.

The grim projections come courtesy of 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. The projections are formed by compiling 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 further 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.

With the national gas average at $5 over the last seven days, 48 cents higher than just a month ago, this week's national index currently sits at $1,009.

In Wisconsin, motorists have been hit even harder, with the weekly index registering at $1,184. Pump prices now stand at $4.89 per gallon, 3 cents lower than a week ago.

In an effort to lower out-of-control pump prices, President Joe Biden took to YouTube in April to announce the release of up to 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) over a six-month window. While admitting there would be a slight delay in gas prices actually falling, White House officials insisted there would soon be a price drop of an unknown amount.

Florida Gov. Ron DeSantis isn’t convinced, arguing that he views it all as just more smoke and mirrors.

"Releasing barrels of oil from the Strategic Petroleum Reserves is a political stunt that has not made a dent on gas prices,” DeSantis tweeted on Thursday. “We need real energy policy solutions from the Biden Administration so Americans can stop paying $5 for a gallon of gas."

The current national average of $5.00 per gallon has climbed 18.5% since March 31, the day of the SPR release; an American Automobile Association (AAA) report said. On that day gas averaged $4.22 per gallon, 78 cents cheaper than today.

Earlier this month, AAA reported that according to the latest data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 217.5 million bbl over a weeklong period. At the same time, gasoline demand dropped slightly from 9.2 million b/d to 9.09 million b/d. The minor drop in gas demand from American drivers has helped minimize pump price increases, but AAA warned that because crude oil prices remain volatile the price per gallon for gasoline will likely remain high.

The EIA reported that when Biden took office in January 2021, the average price for a gallon of gas was $2.33. Friday's current national average of $5.00 per gallon means prices have more than doubled since then. With Americans now spending an average of $1,402 more per year on gasoline since the president entered office, GasolineMiseryIndex.com has taken to referring to that number as the Biden Misery Index.