The Colonial Pipeline pipeline could be restored to normal service by the end of the week, the company said Monday, four days after it was hit by a cyberattack.
The company said it was restarting operations incrementally in a “phased approach” to the Colonial Pipeline, a 5,500-mile artery from Houston to the doorstep of New York City that is responsible for nearly half of the East Coast’s fuel supply, including gasoline, diesel, and jet fuel.
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The FBI confirmed Monday the attack was perpetrated by a criminal group of hackers known as DarkSide. So far, no evidence has emerged that the attackers penetrated control systems that run the pipeline. Colonial Pipeline shut down Friday night as a precaution to evaluate the extent of the damage after DarkSide breached the company’s internal computer networks, the most significant, successful cyberattack ever on energy infrastructure in the United States.
At a press briefing on Monday, White House homeland security adviser Elizabeth Sherwood-Randall said “there is no supply shortage right now” of transportation fuels as a result of the pipeline closing.
“We’re working with other agencies to consider how, if necessary, we can move supplies to a place where it might be needed if it turns out that there is a shortfall,” she added.
Over the past week, the average national gas price jumped 6 cents to $2.96, according to AAA, but some level of increase is normal this time of year ahead of Memorial Day, the unofficial start of the summer driving season. Inventories of gasoline have built up in preparation for increased demand. But fuel consumption is still below normal levels as the U.S. recovers from the pandemic.
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Depending on the length of the shutdown, gasoline prices could breach $3 or more for the first time since 2014.
