At 1 psi the engine will mot get enough fuel to make much power at all. You need 2~3 at least. Time to check the pump and check valves. Not a bad job at all.
Also do be sure that the clamps and fittings all the way to the tank are tight so no air leaks. take a good look at the filters too.
You could also go the electric pump which is a good pump but not as good or safe as the mechanical pump IMHO.
Dave Neptune