Colonial pipeline still shut, more commodity price surges, and the pandemic latest.
Gasoline futures surged as the nation’s largest fuel pipeline and critical source of supply for the New York region remains shut this morning. The critical piece of infrastructure was closed by operators on Friday following a ransomware attack. The White House pulled together an inter-agency task force to tackle the problem. The administration, which has a range of powers that can used to counter the effects of the shutdown, has already waived limits on the hours truckers can drive when hauling fuel. There are fears that the shutdown will push the national average price of a gallon of gasoline above $3 ahead of Memorial Day.