Gas stations in Washington reprogram pumps to prepare for $10-a-gallon fuel as Bidenflation sends average price soaring to $4.57 – almost twice the $2.41 during Trump’s final month
- A national gas station chain is reprogramming its pumps in Washington state to accommodate the possibility of $10-a-gallon gasoline
- The average price of gasoline across the country reached $4.57 on Wednesday – almost twice the $2.41 average during Trump’s last month in office
- Other stations in the state have begun running out of gas, with a local Facebook group identifying 10 stations that have run out of fuel
- Meanwhile some states – such as California – are reporting spiraling prices of up to $5.98 this week
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.
Jimmy Carter(second from left) was president when the US went through its last period of extreme gas shortage in 1979. Some fear that President Biden’s presidency could soon see a similar crisis
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 record of $4.11-a-gallon in July 2008 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 up their cars to purchase whatever rationed gas they could.
More than two thirds of CEOs think Fed’s war on inflation will trigger a recession – and one in 10 fears a severe ‘hard-landing’ slump, new poll reveals
More than two-thirds of CEOs fear that the Federal Reserve‘s attempts to quell inflation will lead to a recession, with one in 10 worrying the US faces an extremely tough ‘hard-landing’ slump, according to a new poll.
The poll found that 68% of CEOs surveyed fear that the Fed’s attempts to stem soaring inflation will trigger a recession. Eleven per cent of those CEOs feared a ‘hard-landing’ deep recession, while the rest said they only expected a ‘very short, mild,’ recession.
More than half of CEOs surveyed said they are managing the soaring cost of doing business by raising prices on customers.
Meanwhile, 60% of CEOs surveyed said they expect economic conditions to worsen, a massive spike from the 23% who said they felt that last quarter.
Inflation has risen steadily over the years but hit a 40-year high last month. Experts warn that the US could be in for a couple years of high prices and relatively high unemployment
The Conference Board released the poll on Wednesday, saying that CEO-confidence has reached its lowest levels since the beginning of the Covid-19 pandemic. The survey spoke to 133 CEOs of mostly public companies between April 25 and May 9.
‘Recessionary-concerns are real,’ CEO of the American Petroleum Institute, Mike Sommers, told CNN in response to the survey, noting that recessions often follow rapid hikes in interest rates.
‘Businesses are being challenged on so many fronts right now and CEOs have elevated expectations of a recession,’ Dana Peterson, chief economist at The Conference Board, told CNN.
CEO of the American Petroleum Institute, Mike Sommers, is among business leaders who fear a recession is imminent
The survey did not note whether business leaders are fearing recession to strike soon, just that they expected it ‘over the next few years.’
Inflation has soared so sharply in recent months that the Federal Reserve may not be able to slow it by gradually increasing interest rates.
A sharp increase in interest rates would likely trigger a downturn.
‘The Fed is attempting to thread the needle while wearing boxing gloves and a mouth guard which reduces its degrees of freedom to act without causing damage to the real economy,’ said RSM chief economist Joe Brusuelas, expressing fears that the Fed will be unable to engineer a soft landing from inflation.
The survey was released the same week that the former head of the Federal Reserve said the US is heading toward a period of high inflation and low economic growth, while the head of Goldman Sachs and other global banks warn that a recession is coming.
Ben Bernake, who led the Fed through the 2008 financial crisis, says ‘stagflation’ may be on the horizon.
The term, coined in the 1960s, refers to low economic growth combined with high unemployment and high prices.
Ben Bernake led the Federal Reserve until 2014. He warns that a period of low economic growth and high prices and unemployment, dubbed ‘stagflation,’ could be coming
Goldman Sachs chairman Lloyd Blankfein believes that the US is on its way to a recession
Economists use three variables to measure it: gross domestic product (the market value of all goods and services made in a country) unemployment and inflation (a decrease in the buying power of money.)
Stagflation happens when the first is down and the last two are up.
‘Even under the benign scenario, we should have a slowing economy,’ Bernake told the New York Times as average prices are up by 8.3 percent from last year.
‘And inflation’s still too high but coming down. So there should be a period in the next year or two where growth is low, unemployment is at least up a little bit and inflation is still high. So you could call that stagflation,’ he added.
Meanwhile, the chairman of Goldman Sachs said the risk of the US falling into a recession is ‘very, very high.’
On Sunday, Blankfein warned that the US is on its way to a recession.
‘If I were running a big company, I would be very prepared for it,’ Blankfein said on CBS’s Face the Nation, according to the Daily Wire. ‘If I was a consumer, I’d be prepared for it.’