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US panic-buying feeds into fuel shortage, sending gasoline prices higher – analyst

Panic-buying and fuel-hoarding after the recent outage of the Colonial Pipeline network is the cause of the US gasoline price spike, according to the chairman of Alfa Energy John Hall.

The biggest fuel-carrying infrastructure facility on the US East Coast was targeted by a ransomware cyberattack last Friday. The attack forced the Colonial Pipeline Company, the pipeline’s operator, to halt supplies to the entire network for nearly a week. The company has since reportedly paid the $5 million ransom and is restarting operations.