GNB Desk- Fuel prices topped $3-per-gallon in the US for the first time in six years on Wednesday, according to reports, as gas shortages in some states prompted by panic-buying continued across the southeastern US in response to last week’s ransomware attack on the Colonial Pipeline.
Federal and local officials are discouraging those in affected states from hoarding gasoline and said that fuel demands will be met.
Later on Wednesday, the corporate operator of the pipeline released a statement saying the company had started to resume operations, but it would take “several days” until fuel deliveries return to normal.
According to a statement, Colonial Pipeline said it had initiated the restart of pipeline operations as of 5 p.m. ET.
“Following this restart, it will take several days for the product delivery supply chain to return to normal. Some markets served by Colonial Pipeline may experience, or continue to experience, intermittent service interruptions during the start-up period. Colonial will move as much gasoline, diesel, and jet fuel as is safely possible and will continue to do so until markets return to normal,” Colonial Pipeline said in a statement.
“As we initiate our return to service, our primary focus remains safety. As part of this startup process, Colonial will conduct a comprehensive series of pipeline safety assessments in compliance with all Federal pipeline safety requirements”, statement read.
“We will continue to provide updates as restart efforts progress”, Colonial Pipeline said.
“AAA forecasts gas prices to climb this week in reaction to the shutdown of the Colonial Pipeline,” the road travel organization said in a statement. “The longer the pipeline is offline, the larger the impact on the east coast.”
Colonial Pipeline, which connects the Gulf Coast to the Northeast, transports roughly 45% of the East Coast’s fuel in a network stretching 5,500 miles. The system was taken offline Friday after the company fell victim to a ransomware cyberattack.
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