Old North News

North Carolinians are still being more affected by the increase in gas prices than average Americans.

The Gasoline Misery Index at gasmiseryindex.com tracks how much more (or less) the average American consumer will have to spend on gasoline on an annualized basis. The latest numbers show the average American will spend an average of $667 more this year than they did last year. In North Carolina, the number is worse. Residents of the Tar Heel State will spend an average of $750 more a year, one of the top 10 highest misery numbers in the country.

"To be fair, gas prices moderated modestly toward the end of April, but remain above $4.00 a gallon,” Douglas Holtz-Eakin, president of the American Action Forum, wrote in a website article. 

Gasoline prices still average above $4 per gallon, as today's national average price per gallon has been reported at $4.16, up 4 cents per gallon when compared to last week. In North Carolina, the average is $3.86 per gallon, the Gasoline Misery Index shows. 

The Gasoline Misery Index is determined by 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. 

"Since the start of the Biden Administration, gas prices are up over 80%,” Holtz-Eakin said in his article. “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.”

The U.S. Energy Information Administration (EIA) confirms that. Its records indicate that 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. The percentage increases since January 2021 make up what gasolinemiseryindex.com 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.

According to AAA, EIA data show that total domestic gasoline stocks decreased by 1.6 million barrels to 230.8 million barrels last week. Gasoline demand decreased slightly to 8.74 million barrels per day, from 8.87 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.