The shutdown of the Colonial Pipeline network to thwart a cyber attack has disrupted nearly half the East Coast's fuel supply and left parts of the southeast facing a severe shortage of gasoline and diesel. Colonial said it began to restart on Wednesday but warned it would take several days for fuel supply chain to return to normal.
Idled tankers would take a minimum of 10 days to be restarted, said a spokesperson for Jones Act shipping company Overseas Shipholding Group Inc"We certainly could reactivate some tankers fairly quickly if the pipeline is down for an extended period," she told Reuters. OSG idled six Jones Act tankers during the first quarter, the company told investors late last week.
Owners are also seeking a rate that would make it worthwhile for them bringing a ship out of its laid-up anchorage. Refiners and wholesalers have provisionally secured at least three foreign flagged vessels in the event a Jones Act waiver is issued by the U.S. government, according to three sources familiar with the matter. "Nothing is moving yet it's all just in case," said one shipbroker.
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Oil falls on easing of pipeline outage fearsOil prices fell on Tuesday as fears of prolonged outage of the largest U.S. fuel pipeline system, Colonial Pipeline, faded, while some U.S. Gulf Coast refiners cut output.
Source: Reuters - 🏆 2. / 97 Read more »
Oil climbs on drop in U.S. oil stockpiles, solid demand outlookOil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC's robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day. Someone explain how that works to Republicans. So Russia’s cyber attack in the US worked. Russia is a Petro state so rising oil prices help them (at least the people running the country).
Source: Reuters - 🏆 2. / 97 Read more »
Top U.S. fuel pipeline edges toward reopening as gasoline shortages worsenThe top U.S. fuel pipeline, which has been disabled by a cyberattack for six days, sent workers to manually release some stored supplies on Wednesday as fuel shortages across the Southeast worsened and motorists fumed.
Source: Reuters - 🏆 2. / 97 Read more »
Hackers Shut Down Major U.S. Fuel PipelineAccording to authorities, hacker group DarkSide is responsible for the ransomware attack that shut down one of the country’s largest fuel pipelines, an event that highlights the vulnerabilities in the country’s aging infrastructure. What do you think? How about their own pockets. Surely they have it Cause they’re all poor over eat standard oil. Just WHO is going to pay these upgrades? Hahaha
Source: TheOnion - 🏆 724. / 51 Read more »
Buttigieg says U.S. helping move fuel in wake of pipeline outageU.S. Transportation secretary Pete Buttigieg said the Biden administration is working around the clock to help deal with gas shortages and restore operations of the Colonial Pipeline, including moving gas to places that need it.
Source: Reuters - 🏆 2. / 97 Read more »