Some gas stations are reprogramming pumps in preparation for $10-per-gallon fuel
Several gas stations in Washington state ran out of fuel last week, forcing the rest to reset their price boards. According to The Post Millenial, these boards will now have room for double digits in order to prepare for gas prices potentially exceeding $10 per gallon. Previously, these boards could only handle single digits. However, a representative from 76 Gas Station in Auburn did not confirm future price increases of $10 or more. Other factors, however, make this a real possibility.
In addition to regular, plus, premium, and diesel fuel, this 76 Gas Station sells race fuel. Race fuel is sold at separate pumps, and its price has risen, possibly prompting this reprogramming.
Meanwhile, gas stations in eastern Washington are running out of fuel. Drivers in Kennewick, Pasco, and West Richland — the Tri-Cities — stop at gas pumps to find notes explaining that there is no gas. Some gas stations are out of diesel. This problem had not previously been so prevalent. As a result, residents in these areas are rushing to fill up their vehicles.
Since President Biden entered office 2021, gas prices have risen. In an effort to promote clean energy, his administration closed the Keystone XL and Enbridge Line 5 pipelines. However, because these pipelines would not have been built by now, it is unclear how much of an impact they would have on gas prices.
Furthermore, Russian hackers targeted the Colonial Pipeline, causing a gas shortage in several southern and eastern states. Biden recently canceled a one-million-acre oil lease in Alaska. Many people believed that if the lease had not been ended, it could have resulted in greater energy independence in the United States. Furthermore, following Russian President Vladimir Putin’s attack on Ukraine, the United States has banned the importation of Russian oil and gas.
As the cost of purchasing crude oil rises, so does the cost of filling a car with gasoline. The oil industry in the United States is run by independent companies, and historically, oil prices and drilling costs have been low. However, during the early stages of the Covid-19 pandemic, oil prices fell to around $23 per barrel. Because it was not profitable at the time, production was reduced. However, crude oil now costs more than $100 per barrel, and US output remains below the level reached before the pandemic in 2020. The weekly price dropped to $1.77 gallon in April 2020, then rose to $2.32 when Biden was elected.
Meanwhile, gas prices have reached an all-time high of $4.59. The price was $4.08 in April and $3.00 in May 2021. This increased energy cost is part of the rising inflation rate, which is the highest in 40 years. As a result, premium gas is now around $5.24 per gallon, up from $3.62 last year. According to the AAA, diesel prices increased from $3.15 in 2021 to $5.57 the last days.