Great Lakes Wire

Soaring gas prices in Michigan and across America continue, with the average price of gas hovering just over $4 per gallon.

Record-high gasoline prices still average above $4 per gallon, as today's national average price per gallon has been reported at $4.01, up 8 cents from last week, according to the Gasoline Misery Index. In Michigan the average price per gallon is $4.01 per gallon which is up 8 cents from last week. The latest Index shows that on average, Americans will spend $667 more annually on gasoline now than they did at this time last year. In the state of Michigan, that misery number sits at $674.

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis, according to the Index’s website. Numbers are compiled using gas price data from the American Automobile Association (AAA), average fuel efficiency (mpg) data from the U.S. Department of Energy, and average miles driven from MetroMile.com. The Index tracks the average price of a gallon of regular gasoline and adjusts using the average miles traveled by the average miles per gallon of American cars.

While prices remain high, the recent numbers are a slight drop from a month ago, when the average price of gasoline in Michigan was $4.13.

"To be fair, gas prices moderated modestly toward the end of April, but remain above $4 a gallon," American Action Forum President Douglas Holtz-Eakin said in a statement. "Since the start of the Biden administration, gas prices are up over 80%. This record of futility drives home the basic economics of the situation: Either admit you want gas (and other carbon-based fuel) prices higher and sell it politically on the merits, or take some real, permanent action on domestic production that stands a chance of increasing supply enough to reduce gas prices."

According to the U.S. Energy Information Administration (EIA), in January 2021 the national average price per gallon of gasoline was $2.33. It has increased nearly 79% when compared to Friday's national average price of $4.16. A number that the Gasoline Misery Index calls the Biden Misery Index, Americans are spending an average of $961 more per year on gasoline today since the president entered office in January.

Although Michigan consumers have seen weeks of gas prices decreasing, they're back on the rise again, according to Fox 2 News.

"After weeks of declining prices, Michigan motorists are seeing slightly higher prices at the pump," said Adrienne Woodland, a AAA spokesperson, according to Fox 2. "With crude prices continuing to trade above $100 a barrel, pump prices will likely remain elevated."

AAA reports that according to the EIA, total domestic gasoline stocks decreased last week by 1.6 million barrels to 230.8 million barrels. Gasoline demand decreased slightly from 8.87 million barrels per day to 8.74 million barrels per day. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.