Gas prices expected to rise following cyberattack on major pipeline

Industry analysts are forecasting a rise in gas prices following a cyberattack on the Colonial Pipeline last week that forced its major pipeline to shut down.

Gas prices have already risen an average of six cents over the past two weeks to $3.02 per gallon, the Associated Press reported.

The pipeline’s location means that the Southeast from Maryland to Florida and as far west as Tennessee will likely be the most impacted by the attack. “The shorter the pipeline shutdown, the better news for motorists,” AAA said of the shutdown.

Smaller pipelines at the company were restarted on Sunday, but the main pipeline has not yet resumed operations.

Pipeline company working to get back online

Colonial Pipeline said it was doing everything it could to resolve the issue as quickly as possible.

“At this time, our primary focus is the safe and efficient restoration of our service and our efforts to return to normal operation. This process is already underway, and we are working diligently to address this matter and to minimize disruption to our customers and those who rely on Colonial Pipeline,” the company said.

The disruption could lead to higher prices for jet fuel as well, which could impact prices for airline tickets in the Southeast.

Reuters reported that demand also rose 4.3% in the area last week as people resume more of their normal activities after COVID, including local and longer-distance travel.

The company ships more than 2.5 million barrels of oil a day to the region. Most of the distribution locations have a 10-day reserve supply, but price structures have not been conducive to storing more than that.

Ransomware attacks on infrastucture a growing problem

The ransomware attack was reportedly conducted by a criminal ransomware gang called “Dark Side.”

Ransomware attacks involve hackers getting control of a company’s computer systems and threatening to disrupt or destroy them unless the company pays a ransom to the hackers.

Most companies refuse to pay the ransom, but must reconstruct or rebuild their systems after the hackers disable or destroy them. The Biden administration has made efforts to protect some infrastructure from cyberattacks, but so far oil pipelines have not been included in those protections.

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8 Responses

  1. Once the gas prices go up they won’t be coming down. Not under this occupant of the oval office. The higher gas prices go the easier it will be to push their Green New Deal which will make our country more vulnerable. They hate fossil fuel. I’m still interested to see Air Force 1 take off with jet electric motors that run on solar and battery power.

    1. I agree, and I vote for SLEEPY to be the first occupant on that solar powered flight. Then tell us how it went.

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  3. I am a resident of Georgia. I live about 35 miles north of Atlanta. I drove around looking for gasoline for my car this morning (Tuesday – 5/11) There is NO gasoline anywhere within 10 miles of my house. Gas stations are closed. I do not have enough gasoline in my car to venture any further looking for gasoline. I would be willing to pay anything for a couple of gallons of gas!!!!

  4. How much was the ransom??? It may have been smarter to pay the ransom, and then track down the hackers and execute them. Animals like this do not deserve to live.

  5. Once there was control of this country – now there is none !!! Why is all this happening when democrats are in charge – can’t they do anything other than blame others for their failure ??? Hasn’t enough harm been done to America now ??? How much more is to be tolerated before something happens ???

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