Old North News

North Carolinians are continuing to face a higher burden than the national average when it comes to gas prices.

While the price at the pump isn’t as high as it is in some states, the overall increase — or the Gas Misery Index — means the average driver in the Tarheel State is paying $1,094 more per year for fuel, compared to the national rate of $1,009.

"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 gasoline price increase eased a little this week, as the nation saw a drop in demand. Today's national average price per gallon has been reported at $5, 48 cents higher than a month ago. In North Carolina, the average of $4.64 per gallon is 2 cents lower than last week. 

AAA reported Thursday that the latest data from the Energy Information Administration (EIA) indicate total domestic gasoline stocks decreased by 700,000 barrels to 217.5 million barrels last week. Meanwhile, gasoline demand dropped slightly from 9.2 million barrels per day to 9.09 million barrels per day. The slight drop in gas demand from American drivers has helped to limit pump price increases. However, as crude oil prices remain volatile, the price per gallon for gasoline will likely remain elevated, AAA predicts. 

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on a yearly 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. 

EIA records show that in January 2021 the national average price per gallon of gasoline was $2.33. It has more than doubled, increasing nearly 115% to get to today's national average price of $5. In what gasolinemiseryindex.com calls the Biden Misery Index, Americans are spending an average of $1,402 more per year on gasoline today than when President Joe Biden entered office in January 2021. 

In what he called an effort to bring down pump prices, Biden at the end of March announced the release up to 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) over a six-month span. Biden said there would be a slight delay in declining gas prices by days or weeks, but that prices would drop. Although prices dropped minimally after the initial release, the effect was very short-lived. 

Today's national average of $5 per gallon shows the price has climbed 18.5%, or 78 cents per gallon, since March 31, the day of the SPR release, when gas averaged $4.22 per gallon, according to AAA.