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Tags: gas prices | usa | inflation | joe biden | washington

Report: US Gas Prices Could Double Soon, Amid Potential Supply Shortage

Report: US Gas Prices Could Double Soon, Amid Potential Supply Shortage
Prices for gas at an Exxon gas station on Capitol Hill are seen March 14, 2022 in Washington, DC.   (Photo by Win McNamee/Getty Images)

By    |   Tuesday, 17 May 2022 05:59 PM EDT

Some gas stations across the country are already bracing for the Next Big Thing involving surging fuel prices, namely the price per gallon potentially exceeding $10. 

For other stations, however, there might be no product left to sell at the pumps.

Throughout eastern Washington, according to a Post Millennial report, gas stations are running out of fuel

In the Tri-Cities region of Kennewick, Pasco, and West Richland, customers are reportedly pulling up to pumps ... only to find no gas available for purchase.

In fact, a local Facebook group has already identified 10 state stations that are currently out of fuel.

This current shortage mainly accounts for regular unleaded and premium gasolines; but the diesel supply is also in short supply, according to reports.

With the supply seemingly shrinking, and demand going way up, that naturally leads to higher fuel prices.

A "76" gas station in Auburn, Washington has already begun reprogramming its pumps to "make room" for double-digit pricing, according to the Post. 

In the report, a 76 spokesperson confirmed the national gas chain was reprogramming the functionality of its pumps, while also falling short of predicting gas prices would rise that high.

Back in January 2021, the final month of former President Donald Trump's tenure in the White House, the average price of gas was $2.41 per gallon — with some states even reporting gas at less than $2 per gallon.

In the aftermath, though, coinciding with President Joe Biden taking office, fuel prices have skyrocketed in America.

How large are the increases? According to GasBuddy.com, a site which tracks gasoline prices throughout the world, only one state, Oklahoma, ($3.98 per gallon) has a per-gallon price below $4 right now; and six states — Oregon, Alaska, Washington, Nevada, Hawaii, and California — have average prices at $5.04 or higher. 

From a national perspective, the U.S. reportedly set a new record high last week, posting an average range of $4.43 per gallon. According to AAA, that's a 35-cent increase from April ... and a $1.43 per-gallon hike since May 2021.

According to CBS News, premium gas now averages $5.07, up from $3.62 a year ago, while diesel has jumped from $3.15 to $5.56 a gallon over that same period.

Consequently, the seemingly exorbitant prices for gas and food, among other necessary staples, have contributed to America experiencing 40-year highs with inflation

The Biden administration lists "inflation" as one of its highest priorities right now. But last week, the White House also canceled oil lease deals in Alaska — reportedly covering 1 million acres within the state.

This prompted Rep. Jim Jordan, R-Ohio, to tweet 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."

© 2022 Newsmax. All rights reserved.


Newsfront
Some gas stations across the country are already bracing for the Next Big Thing involving surging fuel prices, namely the price per gallon potentially exceeding $10. For other stations, however, there might be no product left to sell at the pumps.
gas prices, usa, inflation, joe biden, washington
460
2022-59-17
Tuesday, 17 May 2022 05:59 PM
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