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Gasoline Prices Rise To $ 3 As Shortages Rise Due To U.S. Pipeline Outage

(Bloomberg) – Average U.S. gasoline prices topped $ 3 a gallon for the first time in more than six years amid growing fuel shortages in the south and east, while Colonial Pipeline remains out of service due to a cyberattack. at $ 3.008, according to AAA Automobile Club data Wednesday. The premium for wholesale gasoline in the New York area has reached its highest level in three months. The gains could come on top of broader inflationary pressures as commodity prices, from wood to copper, also rise. Colonial, the primary distribution channel for gasoline, diesel and jet fuel in the United States, was decommissioned on May 7. a decision on Wednesday on the advisability of restarting the flow of petroleum products. In the meantime, panicked motorists have sparked a race at gas stations in several states. In Spartanburg, South Carolina, 78% of outlets ran out of gas, while Pensacola, Florida, and Charlotte, North Carolina had breakdown rates of 73% and 71%, respectively, according to data from retail tracker GasBuddy. executives on few details on when the pipeline will recover. US Energy Secretary Jennifer Granholm said even if Colonial could restart on Wednesday, it would take days longer to “speed up operations.” The White House has announced several measures to alleviate the growing crisis that threatens to hamper post-pandemic economic recovery. The Biden administration will brief the House on the cyberattack at 6 p.m. Washington time. “This is something that requires really serious federal attention,” Florida Governor Ron DeSantis said Tuesday before declaring a state of emergency. “The US government has to be involved, it has to help mitigate this. I’m afraid you have these gas shortages, it’s going to cause a lot of trouble for people. Colonial connects Gulf Coast refineries with metropolitan areas from Atlanta to New York and beyond. Each day, it normally ships around 2.5 million barrels (105 million gallons), an amount that exceeds Germany’s total oil consumption. Even when the pipeline is returned to full service, it will take about two weeks to gasoline stored in Houston to reach gas stations on the East Coast, according to the most recent schedule sent to shippers. For diesel and jet fuel the transit time is even longer – around 19 days – because they are heavier and move slower. More than four days after the onset of the crisis, Colonial only managed to restart. ‘a small segment of the pipeline as an interim measure. Meanwhile, fuel shortages continued to worsen. In Atlanta, 20% of gas stations were dry on Tuesday afternoon, according to retail fuel tracker GasBuddy. Two of the nation’s largest truck stop owners – Love’s Travel Stops & Country Stores Inc. and TravelCenters of America Inc. – confirmed that fuel is scarce in some states. Both companies said they are taking extraordinary measures to replenish the reservoirs. The situation in the southeastern states “is deteriorating rapidly,” Brad Jenkins, senior vice president of truck stop owner Pilot, said in an email. Sunday, extend the time truck drivers can spend behind the wheel when hauling fuel in 17 states and the District of Columbia. On Tuesday evening, the Department of Transportation said 10 states could allow heavier-than-normal trucks of gasoline and other fuels. ships responsible for transporting products from one US port to another. Fuel traders have so far redirected at least one international shipment of gasoline and another of diesel to the U.S. east coast, according to shipping data compiled by Bloomberg. only endangered petroleum product. In an effort to bolster jet fuel inventories, Southwest Airlines Co. began sending supplies to Nashville, Tennessee, and other cities. So far, no flights from the southwest have been affected by the pipeline closure; on the contrary, the airline said it was “actively managing” fuel stocks. United Airlines Holdings Inc. has loaded additional fuel onto flights to preserve local supplies in places like Baltimore and Greenville-Spartanburg, South Carolina. and shipments from Canada. Cargoes from Europe could also help alleviate persistent shortages next week – Anastacia Dialynas, BNEF analyst An initial order has allowed the sale of conventional gasoline in regions where reformulated gasoline is required in Maryland, Pennsylvania, Virginia and the District of Columbia. A second order went further by removing the low volatility requirements for conventional and reformulated gasoline in these regions, as well as nine other states. Emergency gasoline and diesel shipments from Texas are already underway. route to Atlanta and other southeastern cities by truck, and at least two Gulf Coast refineries have started cutting production as supplies begin to accumulate in the petroleum refining link and the refining of the country’s oil. © 2021 Bloomberg LP


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