EDITOR’S UPDATE: Colonial Pipeline announced that its East Coast gas line resumed operations around 5 pm ET on Wednesday evening. But the company cautioned that operations will ramp up for a few days before the line reaches full capacity.
Gas prices are up this week after a hacker attack shut down a major East Coast gas pipeline. Congressional Republicans are blaming the increased prices on President Joe Biden.
On May 8, the Colonial Pipeline Company announced it had been the victim of a cyberattack involving ransomware. The attack forced a shutdown of most of the privately held company’s 5,500-mile East Coast pipeline, which ordinarily delivers 45% of the region’s fuel and runsfrom Houston to New York. Panic-buying since the announcement has resulted in gas stations running out of fuel and the highest gas prices in six years.
According to the Federal Bureau of Investigation, a group of hackers with ties to Russia is behind the attacks, though there is no evidence they are acting on behalf of any government. The group, DarkSide, has a history of extorting money after hacking into company computer systems in the United States and Europe. Continue reading.