AAA forecasts gas prices to climb this week in reaction to the shutdown of the Colonial Pipeline, which delivers approximately 45% of all fuel to the East Coast. Over the weekend, the Colonial Pipeline announced they were the victim of a cybersecurity attack and, as a precaution, shut down the pipeline, which runs from Texas to New York Harbor. At this time, some lateral lines have reopened, but there is no word of when the mainline, including the gasoline line, will be operational.
“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 Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “These states may see prices increase three to seven cents this week.”
The longer the pipeline is offline, the larger the impact on the east coast. However, foreign gasoline imports and other pipelines can supplement Northeastern supply. Other areas of the country will see little impact.
AAA Northeast’s May 10 survey of fuel prices found the current national average to be 6 cents higher than last week ($2.90), averaging $2.96 a gallon. Today’s national average price is 10 cents higher than a month ago ($2.86), and $1.12 higher than this day last year ($1.84).
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*Prices as of May 10, 2021
Rhode Island’s average gas price is up five cents from last week ($2.83), averaging $2.88 per gallon. Today’s price is 11 cents higher than a month ago ($2.77) and 95 cents higher than May 10, 2020 ($1.93). Rhode Island’s average gas price is 8 cents lower than the national average.
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