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May 8, 2021
Traders are seeking product tankers and barges to deliver gasoline that would have otherwise been shipped on the Colonial pipeline that was crippled by a ransomware attack on Friday.
By Gerson Freitas Jr (Bloomberg) –The unprecedented shutdown of one of the largest U.S. pipelines after it was crippled by a cyberattack has triggered warnings of major disruption to fuel supplies and concern that its restart will be neither quick nor straightforward.
Colonial Pipeline turned off key systems late Friday after an attack involving ransomware, and was still down late Saturday. There are few precise details about what happened at Colonial, which says it normally transports about 45% of all the fuel consumed on the East Coast and in the Northeast. It says it’s working to return to normal. Various branches of the U.S. government are monitoring the situation.