Gasoline Misery Index finds drivers now paying about $704 more a year at the pump
Cost of gasoline sharply increase after Russia invaded Ukraine in late-February, disrupting the global energy market
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U.S. motorists will pay roughly $704 more this year at the gas pumps than they did last year, according to the website Gasoline Misery Index
The site bases its index on data from the American Automobile Association, the Energy Department and MetroMile.com and says the projected increase is at an annualized rate.
The cost of gasoline sharply increase after Russia invaded Ukraine in late-February, disrupting the global energy market.
"As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will, in turn, face higher prices at the pump," AAA spokesperson Andrew Gross recently told dcbusinessdaily.com. "It now costs drivers in the U.S. about $23 more to fill up than a year ago."
On Friday, the national average price per gallon of gas was hovering around $4.28.
At the start of May, AAA reported that prices continue to rise week-over-week, primarily due to the cost of crude oil, which is currently about $100 per barrel.
At the beginning of 2021, the price of gas per gallon was $2.33. The current price – $4.28 – represents an 84% jump.
Though President Biden has routinely released oil from the nation's Strategic Petroleum Reserve – most recently $180 million barrels of crude oil in March – the effort has done little to bring down the soaring price of gas.
The administration also recently expanded federal the program that allows U.S. oil company to lease federal land to drill for oil. However, say Biden has yet to announce a strategic, comprehensive plan to increase the country's domestic oil production and lower gas prices.