After Colonial Pipeline Co. fell victim to a disruptive ransomware attack earlier this month, the Department of Homeland Security is requiring companies in the space to report future cybersecurity incidents.
- May 10, 2021, 12:51 PM
Friday’s shutdown of the Colonial pipeline had not made a meaningful impact on U.S. air travel as of Monday morning. However, the ransomware attack that spurred the shutdown has triggered an increase in spot fuel prices and prompted the Department of Transportation to declare a state of emergency in 17 East Coast states, paving the way for the temporary loosening of restrictions on truck transport of fuel.
In a statement issued last night, Colonial said it continued to work to “understand” the issue, but gave no indication when service would be restored. Industry fuel experts predicted supply problems could emerge as early as Tuesday, as refined products begin to back up in Texas. And this morning, the price of jet fuel had already increased modestly on the spot market above its Friday $1.82-per-gallon closing price. The price of aviation fuel has more than doubled over the last 12 months.