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Gasoline Prices Hit $3 as Shortages Grow on Pipeline Outage

  • More than 40% of gas stations dry in North Carolina, Virginia
  • Biden says expect ‘good news’ from Colonial within 24 hours
Bloomberg business news
WATCH: Gas stations along the East Coast of the U.S. are selling out of supplies after a hack of the largest North American pipeline.(Source: Bloomberg)
Updated on

Gasoline stations and terminals from Florida to New Jersey are running dry as shortages worsen five days into the shutdown of the biggest U.S. fuel pipeline.

As the Colonial Pipeline system -- hit by a cyberattack and forced to shut on May 7 -- struggles to recover, fuel terminals are being drained. In parts of the U.S. South, three in every four gas stations have run dry, while in Washington, D.C., cars are lined up for blocks as they wait to fill up. U.S. pump prices have topped $3 a gallon for the first time in six years.