The latest Gasoline Misery Index shows that, on average, Americans will spend $636 more annually on gasoline today than they this time last year. As of Thursday, the average price per gallon across the country was reported at $4.07.

“The Biden economy continues to set new terrible records. Inflation just hit its fastest pace in more than 40 years. Food, gas, and housing costs are crushing families. Prices are soaring way faster than workers’ pay growth,” Senate Minority Leader Mitch McConnell wrote in a recent tweet.

The Gasoline Misery Index tracks how much more (or less) the average American consumer is paying for gasoline on an annualized basis 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. With this, it 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.

Americans are spending an average of $914 more per year on gasoline today since the president entered office in January, a number that gasmiseryindex.com calls the “Biden Misery Index."

On April 1, President Biden announced the release of up to 180 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) over the next 6 months, in his effort to curb high gas prices. This action has slowly started to bring down pump prices.

According to the U.S. Energy Information Administration (EIA), in January 2021 the national average price per gallon of gasoline was $2.33. This number has increased nearly 75% when compared to Thursday's national average price of $4.07.