Last Friday, the Colonial Pipeline Company got hit with a cyberattack shutting down the pipeline and almost half of the gas supply. The pipeline isn’t just a pipe, but a series of high-tech sensors, thermostats, valves and pumps controlled digitally making the pipeline subject to outside cyberattacks.
The Colonial pipeline is 5,500 miles long and supplies 2.5 million barrels per day of refined fuel to 10 states between Texas and New Jersey. It supplies 45% of the gasoline for these states.
People in the affected states sopped up gasoline like a biscuit in hot gravy, driving gas prices through the roof. Gas stations quickly ran out of gas. Humans are emotional creatures and tend to overreact like Chicken Little believing the sky is falling. Remember the toilet paper shortage during the early stages of Covid? Same thing happening here.
By now, we’ve all seen the memes. The gas cans. The gas bags.
And if you filled up your own gas tank this week, you’ve definitely felt some pain, with gas prices soaring above $3 per gallon for the first time in 7 years.