Silver State Times

This week's Gas Misery Index reports that drivers in Nevada will spend $1,070 more on gas than they did a year ago, with the average price for a gallon of gas in the state at $5.62. The median price for a gallon of gas is 21 cents higher than it was last week. 

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 pain of higher prices continues for US consumers," NBC2 News said on Twitter Friday. "Record gas prices drove inflation to 8.6% for the 12 months ending in May, higher than the pace in April."

The Energy Information Administration (EIA) provided new data showing that total domestic gasoline stocks recently decreased by 800,000 barrels (bbl) of crude oil to 218.2 million bbl, a AAA news release said this week. At the same time, gasoline demand grew from 8.98 million barrels a day (b/d) to 9.2 million b/d as drivers filled their tanks for the summer driving season. Experts predicted that pump prices will likely remain elevated as long as demand grows and supply remains tight.

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. The current national average price of $4.99 per gallon represents a 114% surge since then. The Gas Misery Index dubbed this number the Biden Misery Index because motorists are currently spending $1,395 more on gas annually than they did when Biden became president.

Moreover, the Bureau of Labor Statistics has released the Consumer Price Index data for the 12 months ending with May 2022. The data showed an 8.6% all items annual increase, the largest contributors being increases in the indexes for shelter, gasoline and food. The gasoline index climbed 4.1% in May and 48.7% in the last 12 months.

Drivers have seen little relief at the gas pump. This is despite the fact that Biden released 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) in an effort to help lower gas prices. The president made the announcement in March with the intent to curb rising gas prices within weeks. But analysts are in agreement that prices will continue to climb for the foreseeable future.

Friday's average national gas price of $4.99 per gallon represents an 18.2% increase since March 31, the day of the SPR release. On that day, gas was $4.22 per gallon—77 cents cheaper than the current price.