Gas prices spike to highest since May 2018 after cyberattack shuts down the largest fuel pipeline in the US

Gas prices spike to highest since May 2018 after cyberattack shuts down the largest fuel pipeline in the US

Gas futures hit their highest level since May 2018 on Monday as a cyberattack against the largest fuel pipeline in the US kept key operations offline for a third day and just weeks before demand for gas should spike for the summer season. The US government on Sunday covering 17 states and the District of Colombia, a move aimed at helping fuel delivery in the wake of Friday's cyberattack against Colonial Pipeline, the country's largest refined fuel pipeline operator. The attack forced the company to temporarily stop operations "to contain the threat" along its . The price of gas futures climbed as much as 4.2% to $2.22 per gallon on Monday, the highest since May 2018. The gain was later reduced to 1.5% to $2.1583 per gallon. Meanwhile, rose 0.9% to $65.37 per barrel on Monday. "With the capacity to transport 2.5 million barrels of gasoline and other oil products per day, the affected pipelines supply almost half of the fuel needed on the US East Coast," Commerzbank commodities analyst Carsten Fritsch said in a note Monday. The average price of retail gasoline was $2.967 per gallon on Monday, according to the AAA automobile association, saying that prices had risen