Gas Prices to Surge After Recent Cyberattack

Gas Prices to Surge After Recent Cyberattack

(ReliableNews.org) – One of the nation’s largest pipelines fell victim to a ransomware attack last week. Its operator, Colonial Pipeline Company (CP), announced the attack on Friday, May 7, and confirmed it had to shut its system down.

CP delivers roughly 45% of the East Coast’s fuel using a 5,500-mile pipeline transporting more than 100 million gallons of gasoline, jet fuel, and diesel from refineries scattered along the US Gulf Coast.

The company issued a statement on the attack on Monday, May 10, confirming it would reopen the pipeline in stages and expected it to be fully operational by the end of the week.

The Hill reported that gas prices already increased by six cents in East Coast stations. The American Automobile Association confirmed the price increases would hit the eastern portion of the United States first.

The Biden administration established an interagency task force to help minimize the attack’s impact on American fuel supplies. We will keep you updated as new information becomes available.

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