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Thursday, November 7, 2024

Gas price headaches continue: Pennsylvania drivers paying $570 more annually

Gasprices

Gas prices went up 8 cents in the past week in Pennsylvania. | Yassine Khalfalli/Unsplash

Gas prices went up 8 cents in the past week in Pennsylvania. | Yassine Khalfalli/Unsplash

Gas prices continue to be an issue for motorists across the country, and even with prices dropping slightly over the past month, the national average still sits at a record amount of $4.16 per gallon. According to the most recent Gasoline Misery Index, the average American is paying $667 more at the pump than last year, and in Pennsylvania drivers are paying $570 more this year.

“To be fair, gas prices moderated modestly toward the end of April, but remain above $4.00 a gallon,” American Action Forum President Douglas Holtz-Eaken said in a statement. “Since the start of the Biden administration, gas prices are up over 80 percent. 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 Gasoline Misery Index tracks how much more, or less, the average American is paying for gasoline. Data is compiled from gas price data from the American Automobile Association (AAA), the average fuel efficiency data from the U.S. Dept. of Energy and the average miles driven from MetroMile.com. The current average cost of gas in the Quaker State is $4.29 per gallon, which is up 8 cents since last week. The price of gas was $2.33 when President Joe Biden entered office but it has increased drastically over the course of his administration.

Gasoline prices have increased 79% since the Biden administration has entered office, according to the Gasoline Misery Index.

According to a AAA report, the Energy Information Administration reported that total domestic gasoline stocks decreased by 1.6 million barrels to 230.8 million barrels last week. The demand of gasoline decreased slightly from 8.87 million barrels per day to 8.74 million barrels. Usually a lower gas demand would decrease prices at the pump, but the volatile price fluctuation of oil and tight supply of gasoline has pushed prices higher. With oil prices staying above $100 per barrel, motorists should expect the cost of gas to continue to increase.

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