With fears growing that the Colonial shutdown could last for much longer than initially expected, with some analysts warning that a 5-day shutdown could lead to sharply higher prices, and the Biden admin activating a state of emergency to make sure that critical gasoline supplies continue to flow up the eastern seaboard, moments ago Colonial Pipeline issued an update on its attempts to restore operations, saying that “segments of our pipeline are being brought back online in a stepwise fashion” and that the goal now is to “substantially” restore operational service by the end of the week.
Just out from the company:
Monday, May 10, 12:25 p.m.
Colonial Pipeline continues to dedicate vast resources to restoring pipeline operations quickly and safely. Segments of our pipeline are being brought back online in a stepwise fashion, in compliance with relevant federal regulations and in close consultation with the Department of Energy, which is leading and coordinating the Federal Government’s response.
Restoring our network to normal operations is a process that requires the diligent remediation of our systems, and this takes time. In response to the cybersecurity attack on our system, we proactively took certain systems offline to contain the threat, which temporarily halted all pipeline operations, and affected some of our IT systems. To restore service, we must work to ensure that each of these systems can be brought back online safely.