This week’s Gas Misery Index reports that residents in the state of Nevada will spend $873 more on gas than they did a year ago.
The report noted that the median price for a gallon of gas in the country is hovering above $4, accounting for Americans spending an average of $704 more on gas annually and Nevadans paying $5.12 per gallon.
The Gas Misery Index tracks how much more (or less) American consumers are paying for gasoline on a yearly basis. The index calculates the median price of a gallon of regular gasoline by gathering the price of gas data from the American Automobile Association (AAA), the U.S. Department of Energy data on median fuel efficiency (mpg), and typical miles driven from MetroMile.com.
AAA reported that gas prices rose this week because the cost of crude oil is approximately $100 a barrel, which made gas pumps in Nevada rise an average of four cents.
“As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump,” Andrew Gross, AAA spokesperson, said. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”
The Energy Information Administration reported that when President Biden took office in January 2021, the usual price for a gallon of gas stood at $2.33. The current median price of $4.28 is an 84% increase when compared to that amount. The Gas Misery Index has dubbed the report the “Biden Misery Index” because motorists are spending $1,024 more on gas annually than when he first became president.
Last month, Sen. Catherine Cortez Masto (D-NM) and Sen. Ben Ray Luján (D-NM) spearheaded the Fair and Transparent Gas Prices Act that would allow the Federal Trade Commission to examine oil and gas organizations engaging in deceptive practices.
“Nevadans are facing rising costs at the pump, and we need to be taking an all-of-the-above approach to bring prices down,” Masto said in a news release.
In an effort to bring down energy prices, in March President Biden announced the release of up to $180 million barrels of crude oil from the Strategic Petroleum Reserve– the nation’s emergency oil reserve– over a 6-month period. According to CNN, Biden announced his plans to replenish this supply, starting with the purchase of 60 million barrels of crude oil. However, this will only cover one third of the supply from president’s record release and will take years, according to the Energy Department. Biden has yet to announce any plans of increasing domestic oil production.
