Cyberattack on US pipeline likely to impact fuel prices

Cyberattack on top US pipeline likely to impact fuel prices
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The US government Sunday declared a state of emergency after the shutdown of an essential pipeline. It was a ransomware cyberattack on the pipeline.

This comes in a bid to keep fuel supply lines open as fears of shortages rose following the shutdown of this essential pipeline.

This move will ease the fallout from the continuing closure of the Colonial pipeline. The attack is likely to have a major impact on fuel prices.

This essential pipeline carries almost half the fuel consumed on the US east coast. The order comes as the government struggles to deal with the repercussions after the closure of the Colonial pipeline post cyberattack.

This is the biggest refined products pipeline in the US. It transports 2.5m barrels of fuel a day from refineries on the Gulf Coast to markets such as Atlanta, Washington and New York. 

The Colonial Pipeline Company was forced to take the entire system offline Friday after a cyberattack it attributed to ransomware.

The pipeline is the country’s biggest conduit for refined products. The attack also highlights the increasing risk of cyberattacks in the country. Earlier also, US has seen major cyberattacks which it attribute to the enemy countries.

Moreover, the Joe Biden administration takes cybersecurity as one of the major concerns of the day.

It also serves the country’s transport hubs, including its busiest airport, Hartsfield-Jackson in Atlanta. This shutdown may trigger another rise in US petroleum imports.

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