The Post Millennial reported that gas stations throughout the Tri-Cities of Kennewick, Pasco, and West Richland have been placing notes showing that the station is out of fuel. Residents also report on Facebook that more than 10 gas stations in the Tri-Cities are out of fuel. This comes as the state is experiencing a record-high in gas prices, with it currently averaging $5.15 USD per gallon.
JP Morgan also warns that the price of fuel could highly increase this summer. Natasha Kaneva, head of global oil and commodities research at JP Morgan stated, “There is a real risk the price could reach $6+ a gallon by August.”
The United States Democratic party proposed a bill that would enable energy price controls. The proposal faced backlash from economists stating that the policy would worsen the inflation and supply crisis. “If prices are controlled at below-market clearing levels, then you get shortages because the quantity demanded is greater than the quantity supplied at the legal maximum price,” Benjamin Zycher, an economist and senior fellow at the American Enterprise Institute, told the Daily Caller News Foundation in an interview.