Drivers in Nevada will spend $905 more on gas than they did a year ago, according to this week’s Gasoline Misery Index. The national average price for a gallon of gas is $1.66 higher than a year ago, with Nevada coming in at $5.45, according to the report.
“When it comes to the gas prices, we’re going through an incredible transition that is taking place that God-willing when it’s over we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” President Joe Biden said in a video posted on Twitter by columnist Tim Young of The Washington Post.
Biden has placed much of the blame for the surging gas crisis on Russia’s invasion on Ukraine in February.
“Here’s Biden admitting that gas prices have nothing to do with Putin and everything to do with his plan to get rid of fossil fuels,” Young wrote.
The Gas Misery Index measures how much more (or less) the average American consumer will have to spend on gasoline on an annual basis. Officials track the average price of a gallon of regular gasoline, then modify the data using the average miles traveled by the average miles per gallon of American cars. The information is based on the price of gas from AAA, average fuel efficiency data from the U.S. Department of Energy, and typical miles driven from MetroMile.com.
The Energy Information Administration (EIA) announced that gas demand has dropped by 2.5 million barrels of crude oil, however the Fourth of July holiday pushed demand from 8.92 million barrels a day to 9.41 million barrels a day, according to a news release from AAA. The report noted that diminishing oil prices have aided the decrease in gas prices.
Despite the dip in gas prices, drivers have felt little relief when fueling their vehicles. The EIA reported that when Biden took office in January 2021, the average price for a gallon of gas was $2.33. The current national average price of $4.72 per gallon represents a 111% surge since then. The Gas Misery Index dubbed this number the Biden Misery Index because motorists are spending $1,318 more on gas annually than when Biden became president.
Biden asked Congress on Twitter last month to consider suspending the federal gas tax for three months. This would amount to an 18-cent per gallon in savings.
However, that solution is not without its criticism. In fact, Biden might have to convince key members of his own party to vote for the suspension. According to CNN, key Democratic senators are not convinced the proposal will work, calling it “shortsighted” and “inefficient.”
