Silver State Times

Drivers in Nevada will spend $993 more on gas than they did a year ago, according to this week's Gas Misery Index. The national average price for a gallon of gas is 17 cents higher than a month ago with Nevada coming in at $5.56, according to the report.

While the index did note that gas in the state was 4 cents cheaper than last week, President Joe Biden has acknowledged that drivers will pay for increased gas prices for the foreseeable future.

Americans should be prepared to deal with high gas prices for "as long as it takes," said President Biden in reference to the war in Ukraine, in a press conference.  

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 over the past two weeks, according to a recent AAA news release. The report stated that the need for crude oil had dropped slightly because of the impact inflation would have on the economy.  

Despite the dip in gas prices, drivers have felt little relief when fueling their vehicles. The EIA reported that when Pres. 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 $4.84 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.

President Biden asked Congress last month to consider suspending the federal gas tax for three months. This would amount to 18 cents per gallon in savings. 

However, that solution is not without its criticism. President Biden might have to convince key members of his own party to vote for the suspension. According to CNN, key Democrat senators consider the proposal "shortsighted", "inefficient" and they are not convinced it will work.