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Traders scramble to buy gasoline from Europe after US pipeline outage

Commodity traders have booked at least six tankers – provisionally – to start shipping gasoline from Europe to the US in the wake of the outage of the Colonial Pipeline network, Reuters reports, citing data from Refinitiv.

The United States has declared a state of emergency.

Colonial Pipeline Co. shut down its network, which supplies close to half of the gasoline and diesel that the East Coast consumes, on Friday following a ransomware attack on the infrastructure. This prompted fears of fuel shortages and price spikes at the pump.