NEW YORK (Reuters) – The largest U.S. fuel pipeline system, Colonial Pipeline, shut down on Friday after a cyberattack. Nearly half the fuel consumed in the populous eastern United States passes through the network.
WHAT’S THE OUTLOOK FOR PUMP PRICES?
Prices at gasoline stations are expected to rise if the outage continues. Retail prices across much of the United States follow the lead of benchmark New York gasoline futures. Trading in those futures opened for the week on Sunday up more than 3%, hitting the highest level in three years.
Retail prices began to creep up at the weekend. The national average price increased a cent on the gallon since Friday to $2.962 a gallon, according to Jeanette Casselano, a spokeswoman for the American Automobile Association.
