News

Impact of Colonial Pipeline hack on Canadian gasoline prices ‘negligible’: analyst

Impact of Colonial Pipeline hack on Canadian gasoline prices ‘negligible’: analyst
Business
TORONTO - An expert is reassuring Canadians to not be worried about a spike in gasoline prices after a cyberattack on a critical U.S. pipeline.

The Colonial Pipeline, which delivers about 45 per cent of the fuel used along the Eastern seaboard, shut down Friday after a ransomware attack, reportedly causing gasoline prices in some places in the U.S. to climb.

But GasBuddy oil and gasoline prices analyst Patrick De Haan says this should have a negligible impact on prices throughout Canada and most of the U.S.

De Haan says the hack has caused a delivery issue, not a gasoline production issue, and will not have much material impact on prices.

In a tweet, GasBuddy warns against panic-buying, saying that people don’t need to fill up on gas if they don’t immediately need it.
Read more on Toronto Star
News Topics :
RELATED STORIES :
Top Stories
TORONTO Since dropping to multiyear lows last spring, gasoline prices have been on the rise, eclipsing pre pandemic levels. With the summer driving season approaching and the economy...
World
A+ The cyberattack and extortion attempt at Colonial Pipeline in the U.S. is considered to be the worst to date on critical American infrastructure. Experts are still mulling what it...
Business
WASHINGTON, UNITED STATES U.S. regulators said Tuesday they are temporarily suspending clean fuel requirements in three eastern states and the nation s capital to ease a gasoline...
World
NEW YORK Colonial Pipeline is having network issues preventing shippers from planning upcoming shipments of fuel, the company said on Tuesday, just after the system reopened after...
Business
Oil companies have shut in roughly 82 per cent of offshore oil production in the Gulf of Mexico and are securing refineries and petrochemical plants as two tropical storms barrel...