After pipeline cyberextortion attempt, gasoline ticks higher

Gasoline futures are ticking higher following a cyberextortion attempt on a vital U.S. pipeline that carries fuel from the Gulf Coast to the Northeast

NEW YORK -- Gasoline futures are ticking higher Monday following a cyberextortion attempt on a vital U.S. pipeline that carries fuel from the Gulf Coast to the Northeast. The Colonial Pipeline transports gasoline and other fuel through 10 states between Texas and New Jersey. It delivers roughly 45% of fuel consumed on the East Coast, according to the company. Colonial Pipeline said Saturday that it had been hit by a ransomware attack and had halted all pipeline operations to deal with the threat. Two people close to the investigation said that the shutdown had been carried out by a criminal gang known as DarkSide that cultivates a Robin Hood image of stealing from corporations and giving a cut to charity. Futures for crude and fuel, prices that traders pay for contracts for delivery at some point in the future, typically begin to rise each year as the driving season approaches. The price you pay at the gas pump tends to follow.