What’s going on with gas prices?

A sign warns consumers on the avaliability of gasoline at a RaceTrac gas station on May 11, 2021, in Smyrna, Georgia. (Photo: Elijah Nouvelage | AFP | Getty Images)

Yesterday, its average US price climbed to over $3/gallon for the first time since 2014. That’s in part because of last week’s ransomware attack on one of the US’s largest fuel pipelines. Operators just began to fully restore service to the pipeline that supplies 45% of fuel to the East Coast. But the disruptions stoked fears of gas supply shortages. And prompted people to panic buy at the pump. (As if we didn’t learn our lesson over toilet paper.) Now, gov officials are reminding people to stop hoarding and not store gas in plastic bags. Florida, Georgia, Virginia, and North Carolina have declared states of emergency – allowing state governments to regulate prices. Meanwhile, President Biden signed an executive order to try to beef up the US’s digital defenses.

Everything else. Yesterday, a Labor Department report confirmed what you might have noticed: prices for clothes, food, cars, insurance, and housing have gone up by over 4% – the fastest rate since 2008. Things like greater demand, supply disruptions, understaffed companies, and rising fuel costs have contributed to your wallet’s pain. Now, Americans are paying more for basic goods and it’s got many (like the stock market) wondering how long this will last. But the Feds are saying, ‘This is likely all temporary.’

Source: The Skimm

National average for gasoline tops $3 a gallon amid pipeline shutdown, rush to buy in Southeast

The national average for a gallon of gas jumped above $3 on Wednesday for the first time since 2014, as much of the crucial Colonial Pipeline remains offline.

Amid fears of a supply shortage, consumers in Southeastern states are heading to the pump, creating long lines and in some cases wiping fuel stations dry.

On average, Americans are now paying $3.008 for a gallon of gas, up from $2.985 on Tuesday and $2.927 one week ago.

Read more from CNBC…

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