Gas Prices Reach 14 Year High & Could Rise Even Higher

Gas Prices Reach 14 Year High & Could Rise Even Higher

The national average cost of a gallon of fuel has reached $4.176 as of March 8; prices this high have not been seen in approximately 14 years. The price has risen dramatically, jumping 45 cents per gallon in just one week. The last time a gallon averaged more than $4 was back in July 2008. The increases are a direct result of the currently unstable GeoPolitical climate, and prices could continue to increase as the situation in Europe continues, especially following the ban of some oil imports. Now more than ever, it is important for you as a fuel retailer to have everything running smoothly to make things easier for your customers who like you will be feeling the pinch in their pockets. With PumpTex as your petroleum service company, we will work with you to keep your site operating at its peak capacity.

Largest Weekly Price Increases

As always, the cost of fuel varies at the pumps from one state to the next due to a variety of different factors. The weekly national average increase between February 28 and March 7 was 45 cents on the gallon, but some states saw an even bigger increase. The ten largest weekly increases were as follows:

  • Rhode Island: 58 cents
  • Nevada: 57 Cents
  • Connecticut: 56 Cents
  • Kentucky: 56 Cents
  • Alabama: 56 Cents
  • West Virginia: 55 Cents
  • Virginia: 55 Cents
  • Massachusetts: 54 Cents
  • New Hampshire: 52 Cents
  • New Jersey 52 Cents

At present, the most expensive markets in terms of price per gallon are California ($5.34), Hawaii ($4.69), and Nevada ($4.59). Texas is below the national average at $3.85 per gallon, but further increases are expected. Just last week, the average was $3.28, so the jump has been even more dramatic than the national average.

Potential Solutions to Curb Increasing Prices

In an attempt to counteract the rising costs, the International Energy Agency has announced that there will be a coordinated release of crude oil from the strategic reserves of its member countries. This includes the United States, Canada, Germany, South Korea, and Mexico. It is believed that over 60 million barrels will be released in the most significant coordinated release since the IEA was formed back in 1974. Approximately half of those barrels will be from the United States.

It has also been suggested by multiple agencies, including the American Farm Bureau Federation, Growth Energy, National Corn Growers Association, National Farmers Union, National Sorghum Producers, and the Renewable Fuels Association, that restoring the sale of E15 year-round could helo to lessen the impact of disruptions to the oil supply why some international imports are not happening. American produced ethanol is approximately 80 cents lower per gallon than standard gasoline. It could help stall price increases while also bridging the gap caused by the lack of imported oil.

Fuel Fact! - E15 is still gasoline! It is 88 Octane fuel that is refined using 85% unleaded gasoline and 15% ethanol. IT has been available since 2012 and is also known as Unleaded88 in some areas.

How Consumers Are Saving Money on Gas

With prices rising, consumers are taking steps to make their gas go further. As your petroleum service company, we have a few tips of our own that might help you to encourage customers to keep buying their gas with you. Firstly, many consumer sites recommend that consumers pay in cash when they fill up to avoid additional fees when paying with a card. It is good to make sure this is available to those who want to follow that advice. This might mean making sure you have plenty of change on hand, or it could mean an extra cashier to keep queues down. Another tip is to promote any loyalty programs that you offer. Now is undoubtedly the time to push them by explaining to consumers the savings they can get from joining. This also encourages them to buy gas at your location instead of someone else.

What Can You Do as a Gas Station Owner?

There isn’t much you can do about the cost of fuel as a gas station owner, but you can make sure your site is attractive to your customers to encourage them to come back. Work with your petroleum service company to ensure that everything is in good working order. The last thing you want at the moment is frustrated customers or malfunctioning equipment. Try to make your location as inviting as possible by keeping it clean, tidy, and well-lit. Keeping on top of your general maintenance can help create the best impression of your site. If there is anything that you need help with in regard to maintenance tasks, be sure to get in touch with your petroleum service company.

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PumpTex, Inc. was founded in 1997 in the back of a garage with the dream of bringing a new level of customer service to the retail petroleum service industry. Over the years, we have grown to become a valuable resource to our customers. Many consider us to be the first responders of the retail petroleum service industry!

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