(Reuters) -Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as the country's largest fuel pipeline network recovered from a crippling cyberattack. The six-day closure of Colonial Pipeline's 5,500-mile (8,900-km) system was the most disruptive cyberattack on record, preventing millions of barrels of gasoline, diesel and jet fuel from reaching fuel tanks throughout the eastern United States. Thousands of gas stations ran dry as supplies failed to arrive and drivers fearing a prolonged outage filled tanks and jerry cans.
It’s been a volatile week for oil as the Colonial Pipeline saga and the associated boom-bust-boom in gasoline from that played against the backdrop of India’s festering Covid situation. With Friday’s settlement, the bulls in crude could heave a sigh of relief: It was another winning week. New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled at $65.37, up $1.55, or 2.4%.
Amid inflationary concerns, Americans are feeling the heat of soaring prices at the pumps.