Panic Buying Prolongs Fuel Shortages in Southeastern US

Fuel shortages caused by the shutdown of the Colonial pipeline over a ransomware attack last week in the southeastern United States have been exacerbated by panic buying and hoarding.

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US Gas Prices Rise Above $3 a Gallon Amid Pipeline Shutdown

"Long lines, sharp words and pumps gone dry greeted unhappy drivers from the Alabama foothills to the Chesapeake Bay" across the eastern half of the country, and "nervous drivers clogged gas stations and created shortages in parts or all of 11 states," reported The Washington Post on Thursday.

At least 12,000 gas stations reported being completely empty, and the squeeze pushed the price of a gallon past US$3, its highest in years.

The pipeline shutdown and ensuing gas search are "causing several thousand gas stations across the nation to run out of fuel. Hundreds of others are limiting sales," The New York Times pointed out.

The Colonial Pipeline Company said that it initiated the restart process of its transportation system at approximately 5 p.m. ET on Wednesday, almost six days after its shutdown.

"Following this restart, it will take several days for the product delivery supply chain to return to normal," the company said, adding that it will move as much gasoline, diesel, and jet fuel as is safely possible."

Meanwhile, the White House approved a temporary waiver of shipping requirements to help Colonial Pipeline transport fuel. President Joe Biden also signed an executive order aimed at strengthening cybersecurity defenses.