Residents in Nevada are feeling the pain at the pump as the average price of gas is now over $5 per gallon.
Record-high national gasoline prices still average above $4 per gallon, as today’s national average has been reported at $4.16, up 4 cents from last week, according to the Gasoline Misery Index. In Nevada, the average price per gallon is $5.08 per gallon, which is the same price it was a week ago. The latest Index shows that on average, Americans will spend $667 more annually on gasoline now than they did at this time last year. In Nevada, the misery number sits at $878.
The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis, according to the Index’s website. Numbers are 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.
While national prices remain high, the recent numbers are a slight drop from a month ago.
“To be fair, gas prices moderated modestly toward the end of April, but remain above $4 a gallon,” American Action Forum President Douglas Holtz-Eakin said in a statement. “Since the start of the Biden administration, gas prices are up over 80%. This record of futility drives home the basic economics of the situation: Either admit you want gas (and other carbon-based fuel) prices higher and sell it politically on the merits, or take some real, permanent action on domestic production that stands a chance of increasing supply enough to reduce gas prices.”
According to the U.S. Energy Information Administration (EIA), in January 2021 the national average price per gallon of gasoline was $2.33. It has increased nearly 79% when compared to Friday’s national average price of $4.16. A number that the Gasoline Misery Index calls the Biden Misery Index, Americans are spending an average of $961 more per year on gasoline today since the president entered office in January.
AAA reports that according to the EIA, total domestic gasoline stocks decreased by 1.6 million barrels to 230.8 million barrels last week. Gasoline demand decreased slightly from 8.87 million barrels per day to 8.74 million barrels per day. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.
