U.S gasoline prices could jump above $3.00 a gallon, the highest mark since 2014, according to Bloomberg. Prices were at $2.96 a gallon on Friday, as cyberattack hit the country’s biggest oil pipeline.
The attacked Colonial Pipeline is a major gasoline, diesel, and jet fuel conduit by oil refiners in the U.S Gulf Coast and metropolitan areas linking Atlanta and New York.
The attack is expected to cut supply and lead to shortages in the East Coast, pushing prices higher.
A rise in gasoline price may add further inflationary pressures as other commodities including oil and lumber continue to rise.
Prior to the attack, gasoline prices were not expected to rise due to adequate inventories until the end of May, the onset of the U.S summer driving season.
Gasoline Futures are currently gaining. RB1! is up 1.34%
