The Sconi

Prices at the pump have been slightly declining in recent days, but residents in Wisconsin and across the nation are still paying significantly more for gas than they were at this time last year. 

As the national gas average dipped slightly below $5 a gallon, this week's Gasoline Misery Index currently sits at $972. Wisconsin is worse off, with a weekly Index of $1,112.

As a result of a drop in demand for crude oil, gas prices in the United States dipped slightly over the past week. Today's national average price per gallon has been reported at $4.93, 33 cents higher than a month ago. The latest Gasoline Misery Index shows that on average, Americans will spend $972 more annually on gasoline now than they did at this time last year. In Wisconsin, the average of $4.78 per gallon is just 11 cents cheaper than last week and the misery number sits at $1,112.

"Crude prices have dropped this week amid broad market concern regarding the potential for economic growth to slow or stall due to rising interest rates and inflation. A lower economic growth rate than expected could cause crude demand to decline, leading prices to follow suit," according to the American Automobile Association (AAA).

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 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.

AAA reported that Energy Information Administration (EIA) will not release new data this week on supply or demand for gasoline, or oil inventory levels due to "systems issues." The report pointed out that demand for crude oil has been falling due to concerns over the lack of economic growth and increasing inflation. This has contributed to the slight decrease in gas prices.

According to the EIA, in January 2021 the national average price per gallon of gasoline was $2.33. It has more than doubled and has actually increased over 111% when compared to Friday's national average price of $5, a difference the Gasoline Misery Index refers to as the Biden Misery Index. Americans are spending an average of $1,365 more per year on gasoline today since the president entered office in January 2021.

Earlier this week, President Joe Biden called for Congress to suspend the federal gas tax for three months. This would amount to an 18-cent-per-gallon savings.

"I called on Congress to suspend the federal gas tax for three months and for states to provide similar relief," Biden wrote in a June 22 Twitter post. "I’m also urging oil companies to increase refining capacity and gas stations to pass along the decrease in oil prices to lower gas prices."

However, that solution is not without its criticism. Maya MacGuineas, opinion contributor for The Hill and president of the bipartisan Committee for a Responsible Federal Budget, emphasized the dangers of a federal gas tax suspension. Among many risk factors, she said a gas tax holiday would amplify the climate crisis and slow the development and adoption of cleaner technologies.