Silver State Times

This week's Gas Misery Index reports that motorists in Nevada will spend $883 more on gas than they did a year ago, with the average price for a gallon of gas in the state at $5.24.

The index uses the average price of a gallon of regular gasoline and modifies the data with median miles traveled by the median miles per gallon of U.S. cars that is gathered from the price of gas data from AAA, the U.S. Department of Energy data on the median fuel efficiency (mpg) data from and typical miles driven from MetroMile.com. 

"Heading into this Memorial Day weekend, the U.S. average retail price of regular gasoline was $4.59 per gallon, the highest inflation-adjusted price since 2012," the U.S. Energy Information Administration (EIA) said in a press release today.

With Memorial Day weekend here, GasBuddy asked Americans about inflation’s effects on their travel plans. According to a news release on the site, 70% said their summer travel plans have been affected by high gas prices, an increase of 24% over 2021.

“Against a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we’re certainly seeing increased hesitancy due to rising prices at the pump. Soaring inflation has led to uncertainty over rising costs,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

According to AAA report, over 39 million people are expected to travel 50 miles or more from home during the Memorial Day holiday weekend. When they fill up their gas tank, motorists can expect to pay 51% more than they did last Memorial Day weekend.

AAA also noted that the EIA has provided data that total domestic gasoline stocks decreased by 500,000 barrels of crude oil to 219.7 million barrels of crude oil. Despite the decrease in gas production, gas demand has jumped from 8.7 million barrels per day to 9 million barrels per day. The combination has led to higher gas prices that drivers will continue to see gas prices surge beyond Memorial Day, according to AAA. 

The EIA reported that when President Joe Biden took office in January 2021, the average price for a gallon of gas stood at $2.33, which is 97% less than compared to the current average price of $4.60. The Gas Misery Index has dubbed the report the “Biden Misery Index” because motorists are spending $1,192 more on gas annually than when he became president.

Earlier this month, Sen. Catherine Cortez Masto (D-NV) was among 44 Senate Democrats who voted against Sen. Barrasso’s (R-WY) motion to require the immediate development of a new five-year federal offshore oil and gas leasing plan. The plan, which hopes to ease energy prices in the country, mandated lease sales for oil and gas exploration in the Gulf of Mexico and off the coast of Alaska. Cortez Masto is up for re-election this fall.