Great Lakes Wire

Drivers hoping for a respite at the gas pump will not be receiving any relief anytime soon, according to an organization that tracks gas prices.  

This week's Gas Misery Index reports that motorists in Michigan will spend $852 more on gas than they did a year ago, with the average price for a gallon of gas in the state at $4.56.

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

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis. Compiled using gas price data from 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.

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 an AAA newsroom 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 Biden took office in January 2021, the average price for a gallon of gas stood at $2.33, a 97% difference 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.