The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday.
OPEC and its allies will decide on Thursday whether to release more oil into the market or restrain supply amid big gyrations in crude prices, a U.S. release from oil reserves and fears about the new Omicron coronavirus variant.
DUBAI: West Texas Intermediate (WTI) crude oil futures slipped on Wednesday, reversing course from early gains after a US official said the country was still considering tools to lower energy prices, and as government data pointed to weaker gasoline demand. Also pressuring oil prices, a new coronavirus variant triggered fresh travel restrictions that could dampen oil demand.
Customers swarm a COSTCO gas station amid fears of a gas shortage in Richmond, Va., Tuesday. The line at the facility extended around the entire building.
The Colonial Pipeline hack that shut down the major gasoline and jet fuel pipeline to large swaths of the south and the east coast, is leading to temporary shortages.
The cyberattack disabled computer systems responsible for fuel production from Texas to the northeast and now gas stations in the southeast are seeing panicked motorists lining up in droves to fill their tanks and jerrycans. In some cases, NPR s Camilla Domonoske reports, drivers are getting turned away from now-empty gas pumps. The overall anxiety over a shortage has also triggered slight price increases, even as gasoline costs were already beginning to climb.
Panic Drives Gas Shortages After Colonial Pipeline Ransomware Attack
By Vanessa Romo
May 11, 2021
The Colonial Pipeline hack that shut down the major gasoline and jet fuel pipeline to large swaths of the south and the east coast, is leading to temporary shortages.
The cyberattack disabled computer systems responsible for fuel production from Texas to the northeast and now gas stations in the southeast are seeing panicked motorists lining up in droves to fill their tanks and jerrycans. In some cases, NPR’s Camilla Domonoske reports, drivers are getting turned away from now-empty gas pumps. The overall anxiety over a shortage has also triggered slight price increases, even as gasoline costs were already beginning to climb.