A cyberattack during the weekend caused the shutdown of the Colonial pipeline. It currently carries some 45 percent of the gasoline and diesel fuel the East Coast of the U.S. consumes. This is what the media have reported. It denotes the attack could threaten the security of the gasoline supply and push up prices.
Gasoline futures immediately jumped on the news of the attack, adding 2 percent.
Colonial Pipeline Co. learned on Friday that it had become the target of a cyberattack. This is according to the Wall Street Journal. They said, “it took certain systems offline to contain the threat, which has temporarily halted all pipeline operations.”
The New York Times reported that Colonial Pipeline Co. had declined to say when it will reopen the pipeline, fueling fears about the supply of gasoline on the East Coast.
Reuters cited experts as saying the outage will not have an impact on prices at the pump unless the Colonial pipeline remained shut for more than three days.
The Colonial pipeline is the biggest pipeline infrastructure in the United States, running 5,500 miles from Houston to Linden, New Jersey, carrying some 2.5 million barrels of gasoline and diesel daily.
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Source: Oil Price
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