The Sconi

Gas prices across the country continued their downward trajectory in the last week, but Americans are still paying a premium at the pump. 

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis. It is compiled by measuring 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.  

Wisconsin's index currently sits at $547. 

While that makes visits to the pump easier, AAA spokesperson Andrew Gross warned that volatility means people should expect price swings.

“Consumers appear to be taking the pressure off their wallets by fueling up less,” Gross said in a AAA news release this week. “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.”

Lackluster demand and lower oil prices were cited as the two main factors behind the price drop. But prices are still higher than normal, as Wisconsin's current average price per gallon has been reported at $3.94, $0.91 higher than a year ago. 

Gas demand increased from 8.52 million b/d to 9.25 million b/d last week, AAA reported on Thursday, referencing the latest data from the U.S. Energy Information Administration (EIA). Total domestic gasoline stocks decreased by 3.3 million bbl to 225.1 million bbl, an indicator of higher demand reducing inventory last week. 

A recent poll distributed by the Senate Opportunity Fund (SOF) showed 58% of Americans said they blame President Joe Biden for high gas prices. Nearly half (49%) of self-described moderate voters said Biden is responsible, and 27% of Democrats hold the president responsible. The SOF poll, conducted July 5-7, surveyed 800 likely general election voters across the nation. 

EIA data showed that the national average price per gallon of gasoline was $2.33 in January 2021. When compared to Friday's national average price of $4.26, gas prices have increased 82.8% since then. The Gasoline Misery Index refers to that difference in price as the Biden Misery Index. The Biden Misery Index shows that Americans are spending an average of $1,013 more per year on gasoline today than when the president first entered office.