Residents of Michigan are paying $629 more for gas yearly than they were a year ago. | PxHere.com
Residents of Michigan are paying $629 more for gas yearly than they were a year ago. | PxHere.com
The latest report from Gasoline Misery Index is indicating that residents of Michigan are paying $629 annually as opposed to a year ago.
The report states that overall, Americans will pay $636 more on gas than last year as inflation hits 8.5%, which has impacted consumer spending habits.
According to the organization, they report on how much the average American pays for gasoline yearly utilizing information collected from the American Automobile Association (AAA), U.S. Department of Energy median fuel competence, along with MetroMile.com’s average miles driven. The index accounts for the median price of a gallon of regular gasoline while modifying how much, on average, American cars travel by miles.
"The Biden economy continues to set new terrible records. Inflation just hit its fastest pace in more than 40 years. Food, gas, and housing costs are crushing families. Prices are soaring way faster than workers’ pay growth," Senate Minority Leader Mitch McConnell wrote on Twitter.
Earlier this month, President Biden announced the release of up to 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve over the next 6 months, in his effort to mitigate high gas prices. The measure has seen prices at the pump on a downward trajectory.
The U.S. Energy Information Administration reports that the average price for a gas was $2.33 per gallon in January of last year and has risen by 75%, nationally, to $4.07. Gasmiseryindex.com states that figure is “the Biden Misery Index” because Americans are spending $914 more on gas since he took office.
In order to help inflation at the pump, Reuters reports that Biden is providing for more production of bio-fuel blends of gas known as E15 as the summer is expected to bring higher gas prices.
According to the article, there had been a ban on utilizing E15 in the summer because it leads to smog when it’s hot outside and motorists will be able to purchase E15 from June 15 to Sept. 15.
The U.S. Bureau of Labor Statistics released its latest Consumer Price Index for the month of March and it's even worse than what economists had predicted. At a reported 8.5%, inflation is the highest it's been since 1981 with the gas index rising to 18.3%, a figure that more than half of the all items that have seen a monthly increase.
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