Gasoline shortages in the United States have eased since the largest pipeline, the Colonial Pipe, came back online from a very disruptive cyberattack in recent weeks. However, pump stations and other fuel retailers are still dry as the recovery comes slow.
Firstly, as we reported previously, thousands of pumping stations went fuel-dry during last week; panic buyers also had to do with the dry-out of some stations; even in those where the pipeline doesn’t serve.
Secondly, quoted by Reuters, Colonial Pipeline spokesman, Eric Abercrombie said in an email. “Colonial Pipeline is currently shipping at normal rates, based on shipper nominations. It will take some time for the supply chain to fully catch up.”
Thirdly, nevertheless, as of this Monday, more than half of the stations in North Carolina were still dry; while in South Carolina, Maryland, Virginia and Georgia less than half the stations were with no fuel.
Moreover, in Washington D.D. the scarcity was still severe, with about 70% of the stations still empty; GasBuddy data showed.
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Gasoline recovery expected for the next days
In addition, according to the fuel tracking platform, U.S. gasoline demand on Saturday dropped nearly 15% from a week earlier.
Furthermore, Reuters reports that overall, the number of dried-out stations was down by 1000 on this Saturday. The number stood at 12,405 from original 13,450. The peak number was of 16,000, as said to Reuters by Patrick De Haan, head of petroleum analysis at GasBuddy.
On the other hand, after the slight recovery of supply, the U.S gasoline prices went to the roof; average nationwide gasoline prices are at their highest since 2014; at $3,04, up from $2,96 from a week ago. Also, gasoline futures opened in Asian trade on Sunday at $2.1271 a gallon, down from a three-year high of $2.2170 a week ago, Refinitiv Eikon data showed.
Finally, Andy Lipow of Lipow Oil Associates in Houston, said. “Every day, gasoline supplies are getting better as Colonial operates at capacity and additional oil tankers from the Gulf Coast make their way to the East Coast.” Further recovery is expected in coming days.
