Keystone Today

Gas prices across the country have continued to decline slightly, but Americans are still paying a premium at the pump. 

As the national gas average hovers just below $5 a gallon, this week's Gasoline Misery Index currently sits at $904. Pennsylvania is faring better than the national average, with an index of $762. In a press conference this past week, President Joe Biden said Americans should be prepared to weather high gas prices for "as long as it takes," in reference to the ongoing war in Ukraine.

As demand for crude oil continues to drop, gas prices in the United States decreased slightly over the past week. Today's national average price per gallon has been reported at $4.84, 17 cents higher than a month ago. The latest Gasoline Misery Index shows that on average, Americans will spend $904 more annually on gasoline now than they did at this time last year. In Pennsylvania, the average of $4.92 per gallon is 6 cents cheaper than last week and the misery number sits at $762.

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 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.

AAA reported that the Energy Information Administration (EIA) announced that demand for gasoline has fallen for two consecutive weeks, and that demand is lower now than it was at this time last year. The result is slightly cheaper crude oil. The report pointed out that demand for crude oil has been falling due to concerns over the lack of economic growth, increasing inflation and rising interest rates. This has contributed to the slight decrease in gas prices.

According to the EIA, in January 2021 the national average price per gallon of gasoline was $2.33. It has more than doubled and has actually increased over 111% when compared to Friday's national average price of $4.84, a difference the Gasoline Misery Index refers to as the Biden Misery Index. Americans are spending an average of $1,318 more per year on gasoline today since the president entered office in January 2021.

In June, Biden called for Congress to suspend the federal gas tax for three months. This would amount to an 18 cent per gallon savings.

However, Biden's proposed gas tax suspension does not appear to have much Congressional support. Biden might have to convince key members of his own party to vote for the suspension. According to CNN, key Democrat senators consider the proposal "shortsighted," "inefficient" and not guaranteed to work.