As gas stations are running out of fuel, Washington is the first to reprogram their pumps in anticipation of gasoline reaching $10 a gallon, while JP Morgan predicts $6 per gallon soon.
Gas stations reprogram pumps in preparation for $10 a gallon fuel
Even though the current average cost per gallon in Washington State is $5.184, gas stations in the Evergreen State began reprogramming pumps to display a price of at least $10 per gallon, the New York Post reported.
The national average for a gallon of regular unleaded gasoline in the US is $4.589 as of Thursday, May 19, 2022, according to AAA.
A humorous sign at a 76 station read:
“Taco Bell is the only place you can still get gas for $1.39.”
The 76 brand of gas stations, owned by Phillips 66, is programming all of its chain of stations to accommodate the possibility of 10 dollar gasoline or higher in the coming months, the daily mail reported.
Gas stations running out of fuel
Gas stations all around Washington ran out of fuel on Wednesday, according to the Post Millennial. Fuel shortages have previously occurred in other states earlier this year.
JP Morgan predicts $6 per gallon soon, California already there
Gasoline prices typically rise every year at the beginning of the summer driving season, which begins on June 1.
But gas prices already spiked earlier this week, two weeks ahead of the summertime driving season.
A new milestone in gasoline prices was reached on Tuesday, with gas moving past $4 a gallon in every US state for the first time in history.
Gasoline prices in the US are set to hit $6 per gallon on average in the US, predicts J.P. Morgan, Business Insider reported. Strong demand for fuel during the summertime should propel prices to increase at the pump.
“With expectations of strong driving demand … US retail prices could surge another 37 percent by August to a $6.20 per gallon national average,” said Natasha Kaneva, head of commodities research at JPMorgan, in a note this week.
As of May 19, the average cost of gasoline per gallon in California was $6.061, according to AAA. Hawaii had the second-highest priced gas at $5.356, and Nevada third-highest at $5.235. Alaska and Oregon also have $5 per gallon of gasoline, with New York, Illinois, and Arizona on the threshold.
