Gasoline futures jump 1.5%

Gasoline futures jumped 1.5 percent on May 10 following a cyberextortion attempt on the Colonial Pipeline that carries fuel from the Gulf Coast to the Northeast. The pipeline transports gasoline and other fuel through 10 states from Texas to New Jersey, including Mississippi, Louisiana and Alabama. It delivers about 45 percent of fuel consumed on the East Coast. On May 8, Colonial said it had been hit by a ransomware attack, and the company had halted all pipeline operations. Futures for crude and fuel typically rise annually as the driving season approaches. The price at the pump tends to follow. The average U.S. price of regular-grade gasoline has jumped 6 cents over the past two weeks to $3.02 per gallon that’s $1.05 higher than a year ago. The attack could exacerbate upward gas prices if it is unresolved for a period of time. (Source: Magnolia State 05/10/21) After pipeline cyberextortion attempt, gasoline prices ticking higher - Magnolia State Live | Magnolia State Live