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| US panic-buying feeds into fuel shortage, sending gasoline prices higher – analyst | US panic-buying feeds into fuel shortage, sending gasoline prices higher – analyst |
| (about 2 months later) | |
| Panic-buying and fuel-hoarding after the recent outage of the Colonial Pipeline network is the cause of the US gasoline price spike, according to the chairman of Alfa Energy John Hall. | Panic-buying and fuel-hoarding after the recent outage of the Colonial Pipeline network is the cause of the US gasoline price spike, according to the chairman of Alfa Energy John Hall. |
| The biggest fuel-carrying infrastructure facility on the US East Coast was targeted by a ransomware cyberattack last Friday. The attack forced the Colonial Pipeline Company, the pipeline’s operator, to halt supplies to the entire network for nearly a week. The company has since reportedly paid the $5 million ransom and is restarting operations. | The biggest fuel-carrying infrastructure facility on the US East Coast was targeted by a ransomware cyberattack last Friday. The attack forced the Colonial Pipeline Company, the pipeline’s operator, to halt supplies to the entire network for nearly a week. The company has since reportedly paid the $5 million ransom and is restarting operations. |
| “There need not be a shortage, but people are panic-buying and hoarding fuel, thereby creating a shortage and pushing the price over $3 per gallon,” the expert told RT. | “There need not be a shortage, but people are panic-buying and hoarding fuel, thereby creating a shortage and pushing the price over $3 per gallon,” the expert told RT. |
| The full-scale shutdown naturally led to fuel shortages and emergency declarations in states across the US. On Wednesday, the company announced a restart of its operations, saying that it would pump out as much fuel as it could. | The full-scale shutdown naturally led to fuel shortages and emergency declarations in states across the US. On Wednesday, the company announced a restart of its operations, saying that it would pump out as much fuel as it could. |
| The analyst expects the market to calm down once the pipeline is back in use. However, concern will ramp up in refinery programs if the emergency runs beyond the weekend. | The analyst expects the market to calm down once the pipeline is back in use. However, concern will ramp up in refinery programs if the emergency runs beyond the weekend. |
| “So, as of now, the problem is consumer driven, and until we know the plan and can see it working, the market will overreact further, leading to shortages and higher prices,” he said. | “So, as of now, the problem is consumer driven, and until we know the plan and can see it working, the market will overreact further, leading to shortages and higher prices,” he said. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |