Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Bloomberg via Getty Images

Colonial Pipeline is restarting operations around 5 p.m. ET Wednesday, Energy Secretary Jennifer Granholm announced.

Why it matters: At least 11 states and Washington, D.C., have experienced gas shortages since a ransomware attack forced the critical pipeline running from Texas to New York to shut down on Saturday.

What they're saying: "Following this restart, it will take several days for the product delivery supply chain to return to normal," the company said in a statement on Wednesday.

  • "Colonial will move as much gasoline, diesel, and jet fuel as is safely possible and will continue to do so until markets return to normal."

Our thought bubble, via Axios' Ben Geman: The crisis is an early test of the White House's ability to manage energy supply disruptions. It’s also a stark reminder of the vulnerability of increasingly digitized energy systems.

  • The cyber breach will likely put pressure on federal agencies and Congress to harden defenses in the country’s sprawling networks of pipelines, electricity grids, power plants, petrochemical facilities and other energy infrastructure.

How we got here: Colonial Pipeline carries 45% of the East Coast’s fuel supplies. The company shut down 5,500 miles of its pipeline after last week's cyber attack.

  • The national average for gasoline prices soared to its highest level for the first time in six years following shortages, and triggered panic across several states.
  • The Department of Transportation's Federal Motor Carrier Safety Administration issued a regional emergency declaration for 17 states and D.C. to keep fuel supply lines open on Monday.
  • The governors of Florida, Georgia, Virginia and North Carolina also declared states of emergency.

The big picture: The event underscored the fact that no company is safe from ransomware, exposing the nation's ransomware pandemic, Axios' Felix Salmon and Ina Fried write.

Go deeper

Pipeline hack spotlights cyber risks to energy systems

Illustration: Aïda Amer/Axios

The ransomware attack against the Colonial Pipeline — the massive East Coast gasoline artery — is a stunning real-world example of the increasing risks that the energy sector faces from a cyberattack.

Why it matters: Different parts of the vast American energy system are vulnerable — from pipelines to power grids to individual power plants and plenty in between.

Ben Geman, author of Generate
May 12, 2021 - Economy & Business

Gas prices rise in several states as pipeline outage crimps supply

Illustration: Rebecca Zisser/Axios

Gas stations in several states are out of fuel and AAA reports the nationwide average price breached $3-per-gallon for the first time in six years amid the cyberattack-induced shutdown of the Colonial Pipeline.

Driving the news: The ransomware attack on Colonial Pipeline, the nation's largest refined fuel pipeline that extends from Texas into the Northeast, is creating a scramble as the outage persists into its sixth day.

Several states declare emergency over Colonial Pipeline shutdown

A sign warns consumers on the avaliability of gasoline at a RaceTrac gas station in Smyrna, Ga., on May 11. The average national price of gasoline has risen to $2.985 a gallon, Bloomberg notes. Photo: Elijah Nouvelage/AFP via Getty Images

Reports of fuel shortages across the U.S. emerged on Tuesday as the national average for gasoline prices soared to its highest level since 2014 amid a key fuel pipeline shut down, per Bloomberg.

What's happening: Operator Colonial Pipeline aims to have service restored by the week's end following last Friday's ransomware attack that shut down some 5,500 miles of pipeline from Texas to New Jersey. The governors of Florida, Georgia, Virginia and North Carolina declared states of emergency Tuesday due to shortage concerns.