Posted on 05/10/2021 3:08:42 PM PDT by hercuroc
US fuel prices are likely to hit their highest level in seven years after hackers shut down the largest oil pipeline in the US.
Before the pipeline hack, average gas prices in the US clocked in at $2.96 per gallon on Friday. Prices were not expected to see another significant spike until after Memorial Day, when travel is expected to push demand even higher at the end of the month, but the oil pipeline hack has already bumped prices up as much as 4.2% on Monday morning.
The 5,500-mile pipeline was shut down on Saturday after its operator, Colonial Pipeline, became the victim of a cyberattack. The incident involved ransomware, but the company did not give out further details or say when they would reopen the pipeline, which carries almost half of the East Coast's fuel supply.
The cyberattack could spell major trouble for US gas prices, according to analysts.
"A prolonged shutdown (5 days or longer) is likely to send gasoline prices higher, which already trade close to a 7-year high," UBS Global Wealth Management wrote in a note.
Gas prices have been skyrocketing in recent months as demand outstrips dwindling fuel supplies. In April, fuel prices leaped 9% in their largest one-month increase in 9 years as shipping container shortages, port delays, and OPEC production cuts made the commodity increasingly valuable.
If gas prices hit $3 per gallon - their highest price since October 2014 - ahead of Memorial Day, it will be one of many price spikes US consumers will face. Price tags for other holiday goods from hot dogs and bacon to vacation homes and chlorine will make the holiday an increasingly expensive endeavor.
Manufactured crisis right before Memorial Day weekend.
So this will get Biden cover for the increases of already occurred prior to this since he took office. Now he can blame it on cyber terrorist. Maybe these are BLM, antifa, ecoterrorist, in which case they will excuse it as civil disobedience.
You don't suppose it has anything to do with having a clown in the White House and clowns stocking the US Congress and Supreme Court, do you? I mean...it's not like the rest of the world doesn't know.
Remember, back in the day of Orange Man Bad, how the price of crude had fallen at one point below zero?
re: “hackers shut down a major oil pipeline in the US”
Idiots.
They can’t even get what happened correct.
Welcome Back, Carter!
Stupid article on a mainstream news website laughably said prices may go up 2-4 cents or even 6 cents a gallon over the next few weeks.
Bull. There will be rapid increases , gouging and spot shortages with consumers having to drive elsewhere.
Sock Puppet Joe’s policy of shutting down pipelines sure doesn’t help. Fewer pipelines makes a more brittle supply chain that can go out of whack from a single point of failure.
And we seriously do not have anyone at the NSA who can track this down to it’s source?
We need them identified and quickly murdered by whatever formations the government has.
went up at a Shell station near me 20 cents overnight
They were going to be that high anyway regardless of the pipeline hack
Before the illegitimate pResident in the white hut my local gas station had gas at $2.23 9/10 a gallon if you paid cash.
I keep comparing this kind of s*&t to the Trump presidency.
Can you imagine what this bunch of howler monkeys would have done, if this happened in the Trump administration??
Uber, Lyft and all the gig delivery companies are hiring.
This should push earnings and wages negative for some drivers.
For example, DoorDash is still paying $3 per delivery plus suggests a $3 to $5 tip… so $6 to $8 for 30 minutes work before gas takes a huge chunk.
Really?
NSA = NoSecretsAnyway.
It’s Biden’s fault. No cover for him. They blamed everything on Trump, even stuff he had no control over.
So many disasters befalling the US in such a short amount of time.
Coincidence? I think not. Read the book.
That and the ramping up inflation and the lack of truck drivers. I would not be surprised at $8 gas by the end of the year. The Greenies, who now control the White house, want gas to be prohibitive so that we will all run out and buy EVs.
Bad news.
Memory of Carter years: Bad people used to carry plastic siphons, open the gas cap and fill gas cans with somebody else's gas. Then auto parts stores started selling lockable gas caps.
Now nearly all vehicles have a key fob signal to unlock the gas door. Evolution.
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