Great Lakes Wire

This week's Gas Misery Index reports that drivers in Michigan will spend $1,136 more on gas than they did a year ago with the average price for a gallon of gas in the state at $5.19.

The median price for a gallon of gas is 48 cents higher than a month ago, according to the report. 

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.

Drivers have seen little relief at the gas pump. This is despite the fact that President Joe Biden released 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) in an effort to help lower gas prices. Biden 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.

"Releasing barrels of oil from the Strategic Petroleum Reserves is a political stunt that has not made a dent on gas prices," Florida Gov. Ron DeSantis said on Twitter. "We need real energy policy solutions from the Biden Administration so Americans can stop paying $5 for a gallon of gas." 

The Energy Information Administration (EIA) provided new data showing that total domestic gasoline stocks recently decreased by 700,000 barrels of crude oil to 217.5 million barrels, according to a recent AAA news release. At the same time, gasoline demand slightly dropped from 9.2 million barrels a day to 9.09 million barrels a day as drivers filled their tanks for the summer driving season. 

AAA experts expect that fuel prices will likely keep climbing if demand holds and supply remains tight.

The EIA reported that when Biden took office in January 2021, the average price for a gallon of gas stood at $2.33. The current national average price of $4.76 per gallon represents a 115% surge since then. The Gas Misery Index dubbed this number the Biden Misery Index because motorists are spending $1,402 more on gas annually than when Biden became president.

Today's national gas price average of $5 per gallon represents a 18.5% increase since March 31, the day of the SPR release. On that day, gas was $4.22 per gallon – 78 cents cheaper than the current price.