Panic buying causes U.S. gasoline prices to approach 7-year highs

China Petroleum & Chemical News Network reported on May 11 that the average price of gasoline per gallon in the United States increased due to the Colonial Pipeline ransomware attack and subsequent outages.

This is the highest gasoline price since 2018.

This is the fifth day that the Colonial pipeline was interrupted.

Refiners along the U.

The service interruption affects the entire East Coast region.

The company also provides gasoline at gas stations in the southeastern United States.

Colonial said it won’t be able to resume full service of the pipeline until this weekend.

According to Bloomberg News, Citigroup stated that the east coast of the United States is at risk of a “temporary but severe” fuel shortage due to the closure of transportation.

　　Colonial Pipeline issued a statement on Twitter on Tuesday, stating that "the company's website is experiencing a short service interruption," which has nothing to do with the ransomware attack.

　　Qiu Yin compiled from the oil price network

　　The original text is as follows:

　　Panic Buying Sends US Gasoline Prices To Near 7-Year High

　　The average price of a gallon of gasoline in the United States has jumped on the Colonial Pipeline ransomware attack and subsequent outage.

　　This is the highest gasoline price since 2018.

　　It is the Colonial Pipeline's fifth outage day.

　　US Gulf Coast refiners curbed their fuel production on Monday, as it became more and more difficult to find takeaway capacity to move their products.

　　The service disruption is affecting the entire East Coast region.

　　It has also run dry gas stations in the southeast United States, as gas stations report they have sold out of gasoline as supplies run tight and drivers scramble to top off for fear that they won't be able to fill up when they truly need it .

　　Colonial Pipeline has said it will not be able to restore the pipeline to full service until sometime this weekend.

　　Citigroup has stated that the East Coast is at risk of a “temporary, but major shortage” of fuels due to the closure, according to Bloomberg.

　　Colonial Pipeline issued a statement on Twitter on Tuesday that said it was “experiencing a temporary service disruption to our corporate website” that was unrelated to the ransomware attack.