FUEL PRICES PROJECTED TO INCREASE AFTER PIPELINE CYBER-ATTACK

The US government has issued emergency legislation after the largest fuel pipeline in the US was hit by a ransom ware cyber-attack.

The Colonial Pipeline carries 2.5 million barrels a day making 45% of the East Coast’s supply of diesel, gasoline and jet fuel.

The pipeline was completely knocked offline by a cyber-criminal gang last week on Friday but still worked on to restore service.

A total of 18 states have been granted temporary hours of service waiver for transporting gasoline, diesel, jet fuel and other refined petroleum products.

The affected include Alabama, Arkansas, District of Columbia, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas and Virginia.

Independent oil market analyst Gaurav Sharma say there is a lot of fuel now stranded at refineries in Texas.

Experts say fuel prices are likely to raise 2-3% as of today, but the impact will be far worse if it goes on for much longer.

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