Metro Business Daily’s latest Gasoline Misery Index finds that the average Arizonan will spend $764 more on gasoline compared to last year, higher than the $730 the average American will pay.
In addition to inflation rising to a 40-year high, gas prices are reaching record-high levels around country, with Arizona’s rates among the highest at $4.61 per gallon, according to the American Automobile Association, far above the $4.27 reported by Metro Business Daily.
“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” said Andrew Gross, spokesperson for AAA. “But we had a slight drop in demand last week, which may be due to higher pump prices. In our new survey of drivers, 59% said they would change their driving habits or lifestyle if the cost of gas hit $4 per gallon. And if gas were to reach $5, which it has in the Western part of the country, three-quarters said they would need to adjust their lifestyle to offset the pump price.”
Weekly analysis of gas spending also indicates that the rate will continue to climb, according to the Misery Index. The numbers are compiled from AAA’s gas price tracker, fuel efficiency data from the U.S. Department of Energy and data on average miles driven byMetroMile.com.
The national average per gallon of gasoline was $2.33 in January 2021, when President Joe Biden took office, according to the Energy Information Administration. With that number skyrocketing to $4.27, Americans are now spending $1,019 more annually since Biden became president.
A poll given by the Trafalgar Group showed that 76.5% of Americans said they support domestic oil production from states such as Alaska, Pennsylvania and Texas since Biden’s Feb. 8 announcement that the U.S. would ban oil and gas imports from Russia.
If prices surpass $5 per gallon, respondents to a AAA poll reported that they would have to adjust their lifestyle in response.
Gas reached a record-high of $4.33 on March 11. Prices have since dropped to $4.24 per gallon, likely because of a drop in global crude oil prices, which spiked after Russia invaded Ukraine. Prices have dropped to $105 per barrel, more than $20 less, AA A reported. Domestically, the demand for gas has dipped recently as opposed to its usual rise, likely due to cost, AAA’s report said.