Tag Archives: skyrocket

Colonial Pipeline crisis: US petrol station panic-buying erupts – gas prices skyrocket

Colonial Pipeline: Drivers queue for gas after cyberattack

And prices for gasoline have also rocketed to their highest in seven years amid uncertainty about when normal service will be resumed. Last week’s ransomware attack halted 2.5 million barrels per day of fuel shipments in what has already been acknowledged to be the most disruptive cyberattack on US energy infrastructure in history.

The privately-owned pipeline stretches 5,500 miles (8,850 km) from US Gulf Coast oil refineries to consumers in Mid-Atlantic and Southeast states, running from Texas to New York.

Operators have manually opened portions of the line to release needed supplies in Georgia, Maryland, New Jersey and the Carolinas.

The company said it had accepted 2 million barrels of fuel to begin a restart that would “substantially” restore operation by week’s end, the company said.

The so-called supply crunch, amid panic buying by motorists, has brought long lines and high prices at gas stations ahead of the Memorial Day holiday weekend at the end of the month, which marks the start of the peak summer driving season.

Colonial Pipeline hackers

The cyberattack on Colonial Pipeline has triggered waves of panic-buying at the pumps (Image: Reuters)

Colonial Pipeline hackers

Many petrol stations were forced to close (Image: Reuters)

Gas stations from Florida to Virginia began running dry and prices at the pump rose yesterday, as the shutdown extended into a fifth day.

Almost one-third of gas stations in metro Atlanta and in Raleigh and Charlotte, North Carolina, were without fuel, tracking firm GasBuddy confirmed.

The average price for regular gasoline rose to $ 2.99 a gallon, the highest since 2014.

Charles Staples, a 31-year-old banker, having circling rows of shut fuel pumps in his Volvo at an Atlanta station, said: “This place is dead closed.

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Motorists gasoline

Motorists formed long queues for gasoline (Image: Reuters)

Colonial Pipeline: Gas prices to increase after cyber attack

“I heard about the thing, but I just thought they’d be long lines or something.”

In Raleigh, North Carolina, the last few stores with gas were those along major roads, said Todd Sloan, a general contractor.

He added: “Those that have fuel have very long lines.”

In total four southeast states – Florida, North Carolina, Virginia and Georgia – joined federal regulators in relaxing driver and fuel restrictions to speed deliveries of supplies. Georgia has suspended sales tax on gasoline until Saturday.

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Charlotte North Carolina

Attendants direct cars to gas pumps in Charlotte, North Carolina (Image: GETTY)

US Secretary of Energy Jennifer Granholm

US Secretary of Energy Jennifer Granholm (Image: GETTY)

Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest US fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists.

The FBI has accused a shadowy criminal gang called DarkSide of the ransomware attack. DarkSide is believed to be based in Russia or Eastern Europe.

Russia’s Embassy in the United States yesterday rejected speculation that Moscow was behind the attack.

President Joe Biden on Monday said there was no evidence so far that Russia was responsible – although he did suggest the hackers were based in the country.

Colonial Pipeline

Colonial Pipeline’s network stretches 5,500 miles (Image: US Energy Information Administration)

No details about how much money the hackers are seeking have yet emerged, and Colonial has not commented on whether it would pay in any case.

US Energy Secretary Jennifer Granholm told reporters at the White House: “We are asking people not to hoard. Things will be back to normal soon.”

Brandon Wales, acting director of the Cybersecurity and Infrastructure Security Agency (CISA), addressed a Senate hearing yesterday about the SolarWinds hack that came to light in December and hit companies and government agencies.

He warned: “Cyber attacks on our nation’s infrastructure are growing more sophisticated, frequent and aggressive.”

Colonial Pipeline

Colonial Pipeline’s network has been taken offline by the attack (Image: GETTY)

Gulf Coast refiners which rely on the Colonial pipeline to move fuel to market have cut processing.

Total SE scaled back gasoline production at its Port Arthur, Texas, refinery, and Citgo Petroleum pared back at its Lake Charles, Louisiana, plant.

Citgo said it is moving products from its Lake Charles refinery and “exploring alternate supply methods into other impacted markets.”

Marathon Petroleum, another large refiner, said it is “making adjustments” to its operations due to the pipeline shutdown.

This post originally appeared on Daily Express :: World Feed

Bitcoin could easily skyrocket to $1 MILLION per token one day – CoinDesk

The price of a bitcoin token may easily grow to $ 1 million over the next five years, according to CoinDesk Learn Editor Ollie Leech.

“Bitcoin is going to $ 1 million a coin. I actually believe that it will, at some stage, with just the scarcity aspect alone, it makes it an incredibly exciting asset to hold… Bitcoin is uncontested,” the journalist, who focuses on cryptocurrencies, told Yahoo Finance.
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According to Leech, a massive price surge will occur shortly after the next bitcoin halving that is expected to take place in 2024. Halving is a key technical event when the entire number of existing bitcoins awarded to miners is cut in half.

“The year after halving always seems to create a huge rise. The last halving for bitcoin was in 2020, and, so far, this year we have seen prices explode. I don’t know when [bitcoin will cross $ 1 million] but it will likely be after 2025,” he said.

The market capitalization of the world’s most popular cryptocurrency currently stands at more than $ 1 trillion, after nearly doubling since the beginning of the year and leaving corporate giants like Facebook, Tesla and Alibaba far behind.
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Bitcoin’s latest surge received a general tailwind from a massive inflow of big investors. Tesla purchased $ 1.5 billion worth of bitcoin, while banking giants Morgan Stanley and Goldman Sachs are reportedly planning to offer clients exposure to the cryptocurrency. After years of harsh criticism of bitcoin, JPMorgan has reportedly cooperated with NYDIG, a technology and financial services firm dedicated to bitcoin, to develop banking products.

The sphere of traditional payments has become wide open for cryptocurrencies with Mastercard, PayPal and Visa increasing crypto exposure over the past several months.

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

US lumber prices skyrocket 250% as Covid drives home-buying demand higher

Author: RT
This post originally appeared on RT Business News

Prices for lumber managed to grab the headlines after an unprecedented sharp increase which currently threatens housing affordability across the United States.

“Lumber prices have skyrocketed nearly 250% since April 2020. This price spike has caused the price of an average new single-family home to increase by more than $ 24,000,” reported the National Association of Home Builders.

On Monday, the May futures contract price per thousand board feet of two-by-fours reportedly surged from $ 48 to $ 1,420. The moonshot reportedly caused lumber trading to halt for the day.

“The market is in trouble. It could spiral out of control in the next few months,” Dustin Jalbert, senior economist at Fastmarkets RISI said as quoted by Fortune.

According to the expert, the backlogged supply is not able to catch up with the demand that keeps growing after the season of home building and home renovation were opened.

Apart from steadily increasing home construction, the price spike is attributed to the supply chain that is getting disrupted by Covid-19-related lumber yard shutdowns, Gary Poulos, lumber division president for Mill Creek Lumber & Supply told one of the local media outlets.

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The official added that the pandemic-related transportation issues exacerbated the surge in prices. Moreover, extreme winter weather also caused a shutdown of Gulf Coast refineries, causing an unavoidable shortage of other building supplies.

Lumber prices are expected to grow for quite some time amid soaring lumber futures contracts, including those for November, Stinson Dean, CEO of Deacon Lumber, told Fortune.

Prices are expected to correct only if demand cools down, which is not likely to occur until the home building and renovation seasons are over.

For more stories on economy & finance visit RT’s business section

Holiday warning as UK prices skyrocket and tourists attempt 'gazumping' but 'don't panic'

Brighton Beach is known for its vast pebbled coastline, as well as its colourful beach huts and kitschy selection of local businesses.

The Palace Pier section of the beach has been awarded blue flag status for its standards for quality, safety and environmental education.

The seafront is also home to a number of unique bars and restaurants.

Of the top five “most popular” seaside destinations, four of them were located in the south of England, proving the region to be a beach hotspot.

Brighton Beach was followed by Dorset’s Durdle Door beach, which was found to be the second “most popular beach”.

This article originally appeared on Daily Express :: Travel Feed