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US gas stations run out of fuel

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The cyberattack on one of America’s Colonial Pipeline is starting to impact consumers and businesses across the United States.

Gas stations across the US have begun reporting fuel shortages, primarily because of what analysts say is being caused on unwarranted panic-buying among drivers.

Panicked drivers have been seen banking up their cars in long lines at petrol stations across America’s East Coast, as they rushed to fill their cars amid fear supply could soon temporarily run out.

The pipeline supplies the East Coast of America with about 45 percent of its fuel but has now been offline for four days after a cyber attack.

The Governments Response

Government officials have acted swiftly to waive safety and environmental rules to speed the delivery of fuel by truck, ship or rail to motorists and airports, even as they sought to assure the public that there was no cause for alarm.

YOU MIGHT ALSO LIKE – The risk ransomware can pose to critical national industrial infrastructure

In some good news, a large part of the pipeline has now resumed operations manually and Colonial hopes that it will begin restarting most of its operations by the end of the week, US Energy Secretary Jennifer Granholm said.

Motorists may still feel a crunch because it takes a few days to ramp up operations, but she said there is no reason to panic-buy fuel.

“We know that we have gasoline; we just have to get it to the right places”

S&P’s Oil Price Information Service put the number of gas stations encountering shortages at more than 1,000.

Why the country’s biggest fuel pipeline system has shutdown:

One of the United States’ major fuel pipeline operators has shut its entire network following a cyber attack that involved ransomware.

Colonial Pipeline, the source of nearly half of the US east coast’s fuel supply, said they had engaged a cyber security firm to help the investigation and contacted law enforcement and federal agencies after the attack.

The biggest U.S. gasoline pipeline won’t resume full operations for at least several more days due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide.

The attack on the Colonial Pipeline is one of the most disruptive digital ransom schemes ever reported.

The cyber attack on one of America’s Colonial Pipeline is starting to impact consumers and businesses across the United States.

Gas stations across the US have begun reporting fuel shortages, primarily because of what analysts say is being caused on unwarranted panic-buying among drivers.

Panicked drivers have been seen banking up their cars in long lines at petrol stations across America’s East Coast, as they rushed to fill their cars amid fear supply could soon temporarily run out.

The pipeline supplies the East Coast of America with about 45 percent of its fuel but has now been offline for four days after a cyber attack.

North Carolina issues State of Emergency due to fuel supply issues

North Carolina governor Roy Cooper declared a state of emergency to help ensure adequate supplies are delivered.

“Today’s emergency declaration will help North Carolina prepare for any potential motor vehicle fuel supply interruptions across the state and ensure motorists are able to have access to fuel” 

North Carolina Gov. Roy Cooper speaks during a briefing at the Emergency Operations Center in Raleigh, N.C., Tuesday, June 2, 2020. (Ethan Hyman/The News & Observer via AP)

Aviation Impact

American Airlines says it has been impacted by the shutdown of the Colonial Pipeline

The airline says it has added a stop on two long-haul flights out of Charlotte North Carolina, because of a fuel supply shortage due to the recent colonial pipeline outage

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Stocks rally ahead of Thanksgiving as markets log four days of gains

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

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Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.


Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.

Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.

All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.

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#Markets #Stocks #Thanksgiving #DowJones #SP500 #Oracle #FederalReserve #FinanceNews


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Dow surges 500 points amid rate cut optimism

Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism

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Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism

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In Short:
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
The Dow Jones Industrial Average increased by 569 points or 1.2% on Tuesday, reflecting investor optimism for an upcoming Federal Reserve interest rate cut. The S&P 500 and Nasdaq Composite also posted gains, up 0.8% and 0.4% respectively. This represented a recovery from earlier losses, where the S&P 500 briefly fell by 0.7%.Banner

Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.

Tech Sector

Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.

Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.


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Gold prices surge as Central Banks buy big, but risks grow ahead

Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.

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Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.


Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.

But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.

Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.

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#gold #markets #centralbanks #economy #finance #investing #interestRates #usdollar


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