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More than 1000 gas stations in America s Southeast reported running out of fuel, primarily because of what analysts say is unwarranted panic-buying among drivers, as the shutdown of a major pipeline by a gang of hackers entered its fifth day.
Government officials acted swiftly to waive safety and environmental rules to speed the delivery of fuel by truck, ship or rail to motorists and airports, even as they sought to assure the public that there was no cause for alarm.
The Colonial Pipeline, the biggest fuel pipeline in the US, delivering about 45 per cent of what is consumed on the East Coast, was hit on Friday with a cyberattack by hackers who lock up computer systems and demand a ransom to release them.
Panic buying and hoarding add to long lines and outages at gas stations as Colonial Pipeline shutdown drags on
May 12, 2021 / 6:56 AM / CBS News Panic buying leads to gasoline shortage
The company that runs the Colonial Pipeline hopes to restore much of its operations by the end of the week. Until then, reports CBS News Laura Podesta, government officials and industry experts are sounding the alarm about drivers making matters worse by panic buying and hoarding gas.
S&P s Oil Price Information Service said more than 1,000 stations were experiencing shortages, The Associated Press reported. A lot of that is because they re selling three or four times as much gasoline that they normally sell in a given day, because people do panic. It becomes a self-fulfilling prophecy, S&P analyst Tom Klouza told the AP.
Pipeline outage causes U.S. gasoline supply crunch, panic buying Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest U.S. fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists.
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In this aerial image taken with a drone, numerous vehicles line up for gasoline at Costco on Wendover Avenue in Greensboro, North Carolina, on Tuesday, May 11, 2021. As the shutdown of a major fuel pipeline entered its fifth day, efforts are under way to stave off potential fuel shortages, though no widespread disruptions were evident. The Colonial Pipeline, which delivers about 45% of the fuel consumed on the East Coast, was hit by a cyberattack on Friday.