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A national gas station chain is reprogramming its pumps in Washington state to accommodate $10-a-gallon fuel, it has been revealed.
The move by 76 comes as the nation’s average gasoline price soars to $4.57-a-gallon, almost twice the $2.41 average during Trump’s last month in office.
A spokesperson for ’76’ gas stations confirmed that the national chain has begun reconfiguring its pumps to ‘make room’ for the possibility of double-digit prices, The Post Millennial reported.
The spokesperson for ’76’ did not comment on whether the company is expecting prices to reach $10.00-a-gallon, The Post Millennial said.
Meanwhile, other gas stations in the state have begun running out of gas as supplies become crunched, with reports saying at least 10 stations have run dry.
’76’ gas stations has confirmed that they are reprogramming their gas pumps in Washington state to accommodate the potential for $10-a-gallon gasoline prices in the coming months
Gas prices in the US reached all-time high at $4.57 per gallon national average on Monday
The shortages are mainly effecting regular unleaded and premium gasoline, though diesel supplies are rapidly shrinking too.
Meanwhile some states – such as California – are reporting spiraling prices of up to $5.98 this week.
Russia‘s war in Ukraine is having a dramatic impact on the cost of crude oil – which sits at $114.20 a barrel.
The outlet also reported that a local Facebook group has identified at least 10 Washington gas stations that have run out of fuel, including Exxon and Circle K stations.
In January, 2021, the last month of Donald Trump’s presidency, gas prices across the nation averaged $2.41-a-gallon, with some states charging averages under $2-a-gallon.
Gas prices have soared across the country as inflation climbs ever higher and oil supplies dwindle desperately lower. Above, a gas station in California charges $6.19-a-gallon
Gas prices have also climbed up. A surge in the price of crude oil is what led to the last period of stagflation in the US in the 1970s
Those prices have steadily climbed since Biden was elected in November, 2020, skyrocketing earlier this year after Russia invaded the Ukraine. Gas prices are up by at least 27 per cent from the day before Russia began their invasion.
The war in Ukraine coupled with rising inflation of 8.3 percent are the main culprits why drivers are spending more than $100 to fill up on full tank of regular unleaded gas in nearly a third of the country.
‘Everything is pointing toward even higher prices. We are well on our way toward $5,’ Andy Lipow, president of Lipow Oil Associates, told CNN with prices almost sure to rise higher by Memorial Day, perhaps as high as $4.75 a gallon.
AAA is reporting an average of the average above $5 a gallon in California, Washington, Nevada and Hawaii, with Oregon not far behind.
A gas pump in Arlington, Virginia, with a sticker blaming Biden for gas prices. Prices have steadily climbed since President Biden was elected in November of 2020
Donald Trump speaks at the Double Eagle Energy oil rig in June, 2020. The national average price of gasoline was $2.41 when he left office
The average price of gas a year ago was $3.04 a gallon. Prices were recovering from the pandemic when stay-at-home orders and business shutdowns slashed demand for gasoline.
A lack of supply resulted in a gas shortage last summer, sending U.S. gas prices to a seven-year high.
Lipow believes that gasoline production will ramp up in the coming weeks with more US refineries ending their maintenance season and coming online.
Supply is currently at just 97% of 2019 levels.
Last week President Biden reportedly cancelled oil deals in Alaska effecting a 1 million acre tract of drillable land.
Rep. Jim Jordan, a republican representing Ohio, tweeted incredulity in response.
‘Joe Biden just canceled a 1-million-plus acre oil lease in Alaska. It’s like they’re intentionally trying to have high gas prices.’
Today’s gas prices are the worst in US history, with the previous from July 2008 of $4.11-a-gallon being left in the dust in March, according to AAA. That record does not factor in adjustments for inflation, which would set the record national average at around $5.25-a-gallon.
The 2008 spike came following a decade of growing energy tensions, with production stagnating amidst conflict in the Middle East, and developing countries surging fuel demands. Following the financial crash in 2008, prices settled.
Some fear that today’s supply troubles could have the US revisiting scenes of the 1970s gas crisis.
In 1973 and 1979, stunted oil supplies caused by embargos and conflicts in the Middle East left gas stations across the country posting signs reading ‘sorry, no gas,’ while drivers lined their cars up to purchased whatever rationed gas they could.
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