The Sconi

Ben Casselman; New York Times economics, business and data reporter; noted that there appears to be no escape from the effects of rampant inflation. Even as gas prices across the country have shown flickering signs of dropping, motorists everywhere are still paying a premium at the pump.

"Gas prices rose 11.2% in June alone, and are up nearly 60% from a year earlier,” he posted on Twitter this week. “Grocery prices were up 1% in June (a bit slower than in May) and were up 12.2% from a year earlier."

Over the last week, a decline in both demand for gas and crude oil costs have paved the way for gas prices to decrease slightly across the country. Also this month, AAA reported that according to the latest data from the Energy Information Administration (EIA), gas demand dropped from 9.41 million b/d to 8.06 million b/d, while total domestic gas stocks spiked by 5.8 million bbl. As long as these supply/demand dynamics hold, AAA predicts drivers will continue to see steady price relief at the pump.

On July 13, the Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) data for the year ending June 2022. 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.

Fueling the bulk of the rise was the increase in the gasoline index, which after dropping 6.1% in April and only climbing 4.1% in May, soared by 11.2% during June—marking a 59.9% increase in the last 12 months.

On Friday, Wisconsin average gas prices stood at $4.36 per gallon, $1.34 higher than one year ago. In addition, the latest Gasoline Misery Index showed that on average Wisconsin residents will spend $805 more annually on gasoline now than they did at this time last year. The index tracks how much more (or less) the average American consumer will have to spend on gasoline on an annualized basis.

Compiled using 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 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.

In January of 2021, the U.S. Energy Information Administration (EIA) reported the national average price per gallon of gasoline was $2.33, approximately half the current national average price of $4.58. The Gasoline Misery Index refers to that difference in price as the Biden Misery Index and noted that Americans are now spending an average of $1,182 more per year on gasoline since President Joe Biden took office.

With inflation and energy prices both still on the rise, Biden’s leadership has taken a direct hit, with many criticizing him over the last few months; a New York Times report said this week. Americans continue to disapprove of his job performance, as evidenced by the latest New York Times/Siena College poll that pegged his approval rating at just 33%. In addition, more than three-fourths of registered voters now see the country as headed 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 Times report said.