US – Gas prices were already on the rise since the freeze that effected oil in Texas, now due to a shutdown at the Colonial pipeline gas prices could be over 3 dollars a gallon soon.
According to AAA.com prices were already increasing and they already had forecasted gas prices to be over 3 dollars a gallon by summer due to more usage, but that price may now come sooner after a Cyberattack by Hackers shut down a pipeline that serves almost 50% of the gas and fuel to the East coast.
“This shutdown will have implications on both gasoline supply and prices, but the impact will vary regionally. Areas including Mississippi, Tennessee and the east coast from Georgia into Delaware are most likely to experience limited fuel availability and price increases, as early as this week,” said Jeanette McGee, AAA spokesperson. “These states may see prices increase three to seven cents this week.”
The longer the pipeline is down the longer this will effect prices. According to AAA the average price of gas this week in the country was $2.96, if it climbs three cents higher, (which is expected), would make the national average the most expensive since November 2014 –the last time we saw average prices at $2.99 and higher.