According to a news release, gas stations in Washington state are changing their price boards to accommodate double digits in case fuel costs reach $10 per gallon.
The decision comes as many gas stations in the state ran out of gasoline.
A $10 per gallon gasoline price was announced at the 76 gas station in Auburn, about 30 miles south of Seattle, after a special program was carried out on the pump’s display.
The displays were formerly limited to single figures, but the increasing cost of gasoline has prompted the upgrade.
The wild card here is how the price of oil will play out over the next several years. According to a 76 spokesperson, the shift did not necessitate that company’s prediction that gas costs would reach $10 a gallon .
Race fuel is also available at the station in Auburn, which is more expensive than the fuel used by typical citizens.
Due to the higher-octane, premium fuel that is required to enable the engine to have a greater compression ratio, which results in a more energetic explosion and improves turbocharger and supercharger engine performance.
Gas stations with empty fuel are becoming increasingly common in Washington.
Except for diesel, note boards are posted at gas stations in Kennewick, Pasco, and West Richland informing motorists that the station has no fuel to sell.
Residents of cities around the region are reporting that more than 10 gas stations are out of fuel on Facebook.
According to AAA, the average price of a gallon of gas in Washington is $5.18 — considerably higher than the national average of $4.59 as of Thursday.
In California, drivers in and around San Francisco pay more than $6 a gallon for the most expensive gas in the United States.
The global oil crisis, in which Russia’s invasion of Ukraine and the anticipated high demand from Americans who will be driving this summer have exacerbated a limited supply, is likely to push gas prices even higher, experts warn.
According to the US Energy Information Administration, West Texas Intermediate (WTI) crude was selling for $112.31 per barrel on Friday, whereas Brent oil, the global standard, was priced at $112.89 per barrel.
Georgia, Kansas, and Oklahoma became the first three states to reach $4 a gallon on Monday, according to AAA.
The oil and gas sector has criticized the Biden administration’s policies, which it claims have kept supply low.
The Biden administration announced this week that it will cancel three oil and gas lease sales planned for the Gulf of Mexico and off Alaska’s coast, removing millions of acres from future development.
The decision to cease all future drilling in the Arctic Ocean was announced by Interior Secretary Ryan Zinke on March 27, 2018. The department cited a lack of industry interest in drilling off Alaska’s coast and “contradictory court rulings” that have made it difficult to do so in the Gulf of Mexico, where most US offshore drilling takes place.
The news is not good for offshore drilling. The decision, according to news reports, means that the Biden administration will not hold a lease sale this year and implies that Interior plans to let a five-year plan for offshore drilling expire in late March.
Frank Macchiarola, senior vice president of the American Petroleum Institute, the top lobbying group for the oil and gas industry stated “Unfortunately, this is becoming a pattern — the administration talks about the need for more supply and acts to restrict it.″
“As geopolitical volatility and global energy prices continue to rise, we again urge the administration to end the uncertainty and immediately act on a new five-year program for federal offshore leasing,″ he added.
