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Fuel prices spike after Colonial Pipeline ransomware attack

Fuel prices spike after Colonial Pipeline ransomware attack

According to reliable sources, including CNN, Bloomberg, and The Washington Post, a ransomware attack was launched on Colonial Pipeline's computer systems. DarkSide is believed to be responsible for compromising the company's networks.

The hacker group is suspected of having ties to Russia, a former senior US cybersecurity official said. Other sources claim that DarkSide is a ransomware group based in Eastern Europe.

A massive cyber attack on Colonial Pipeline’s network happened on May 6th. On the following day, the company had to halt its system operations. Later it became known that hackers stole 100GB of data and locked computer systems, pending the payment of a ransom. The exact amount of the payoff was not disclosed.

Bloomberg claims that the accident will trigger a surge in fuel prices in the US. Last Friday, May 7th, the price per gallon was $2.96. The news agency suggests that at the start of the summer season, the price will swell to $3 per gallon, the level unseen since October 2014. 

Everything will now depend on how long Colonial Pipeline’s network downtime lasts. The pipeline operator has not outlined the system restoration date yet.

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