A new tool will help Arizona residents measure the actual financial impact rising gas prices are having on their income.
The gasoline misery index shows the nation's gasoline bill has increased by an average of $735 in one year. In Arizona, where prices are averaging $4.54 per gallon, the American Automobile Association reported March 10. That translates to an average increase of $652 in gasoline bills in one year. A week ago, it was at $3.89 and one month prior the average price came in at $3.65.
With this alarming nationwide trend, the American Petroleum Institute (API) recently highlighted the importance of American energy leadership during such a volatile time.
“While it’s unclear what lies ahead as Russia invades Ukraine, we know one thing for sure: American energy is a positive force in difficult times, helping to provide stability for the U.S. and our allies,” Mike Sommers, president and CEO of the API said in a release before President Joe Biden’s State of the Union address. “We have the technology, innovation and resources here in the U.S. to meet this moment while at the same time furthering progress toward our shared climate goals.”
The misery index analyzed average gas prices, miles driven, and MPG in the U.S. The index is determined by calculating the average miles traveled by the average miles per gallon of American cars. The index uses statistics from the American Automobile Association, Department of Energy and MetroMile.com.
The current average cost for a gallon of regular gas in Arizona is $4.29, as reported by the American Automobile Association (AAA). A week ago, the average was $3.82 per gallon and a month ago it was $3.65 per gallon.
On March 8, NPR reported that the national average cost of a gallon of regular fuel was $4.17, the highest ever recorded, not accounting for inflation. It surpasses the $4.11 previous record set in the summer of 2008. As of March 10, AAA stats showed the national average at $4.31.
According to a recent poll from the American Petroleum Institute (API), nine out of 10 US voters support American energy production over foreign energy reliance. Metrics from the survey also found that 92% of Democrats and 90% of Republicans support the nation developing domestic energy sources.
Morning Consult conducted the survey for API on Feb. 25-26, among a national sample of 2,002 registered voters. Results from the full survey have a margin of error of plus or minus two percentage points.
"Now more than ever is the time for President Biden to confirm the United States’ role as a global energy leader and send a clear message that America will be a reliable producer and supplier of natural gas and oil at home and abroad for decades to come,” Sommers said.