US petrol tops $3 per gallon, shortages spread amid pipeline saga

The Colonial Pipeline, the most important conduit for distributing petrol, diesel and jet fuel in the United States, went offline May 7 following a cyberattack, and its operating company expects to decide Wednesday whether to restart flows of oil products.

U.S. average gasoline prices exceeded $3 a gallon for the first time in more than six years amid growing shortages of fuel across the South and East while Colonial Pipeline remains out of action due to a cyberattack. The national average retail price rose to $3.008, according to data from auto club AAA on Wednesday. The premium for wholesale gasoline in the New York area reached its widest in three months. The gains may add to broader inflationary pressures as commodity prices from timber to copper also surge. Colonial, the most important conduit for distributing gasoline, diesel and jet fuel in the U.S., went offline May 7. The pipeline’s operating company said it expects to make a decision Wednesday on whether to restart flows of oil products.