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!

A police officer stands guard inside the gate to the Colonial Pipeline Co. Pelham junction and tank farm in Pelham, Alabama, in 2016. Photo: Luke Sharrett/Bloomberg via Getty Images

A major U.S. fuel pipeline running from Texas to New York has been taken offline by its operator because of a ransomware attack, Colonial Pipeline said Saturday.

Why it matters: It's a significant breach of critical infrastructure and comes on the heels of multiple other major cyberattacks on both U.S. companies and the federal government.

Colonial Pipeline, which carries 45% of the East Coast’s fuel supplies, shut down 5,500 miles of its pipeline in response to the attack, according to the New York Times.

  • The pipeline transports around 2.5 million barrels of refined gasoline, diesel fuel or jet fuel every day, supplying harbors and airports on the East Coast.

What they're saying: "On May 7, the Colonial Pipeline Company learned it was the victim of a cybersecurity attack. We have since determined that this incident involves ransomware," the company said in a statement.

  • It did not say what was demanded or by whom.
  • "In response, we proactively took certain systems offline to contain the threat, which has temporarily halted all pipeline operations, and affected some of our IT systems," Colonial Pipeline added.
  • "Upon learning of the issue, a leading, third-party cybersecurity firm was engaged, and they have launched an investigation into the nature and scope of this incident, which is ongoing."
  • "We have contacted law enforcement and other federal agencies."

The Department of Energy said in a statement it is coordinating with Colonial Pipeline, the energy industry, states, and interagency partners in responding to the incident.

  • "DOE is also working closely with the energy sector coordinating councils and the energy information sharing and analysis centers, and is monitoring any potential impacts to energy supply," the department said.

Eric Goldstein, executive assistant director of the Cybersecurity and Infrastructure Security Agency's division on cybersecurity, said in a statement, "This underscores the threat that ransomware poses to organizations regardless of size or sector."

  • "We encourage every organization to take action to strengthen their cybersecurity posture to reduce their exposure to these types of threats.”

Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement to Axios, "[There] should not be a price impact if it’s restarted in the next couple days, after that it could turn into one where prices go up. But by how much depends on if consumers panic and start buying gasoline."

Editor's note: This story has been updated with additional information from Colonial Pipeline and U.S. officials.

Go deeper

Climate reality collides with rhetoric at the G7 summit

Illustration: Annelise Capossela/Axios

Leaders of the G7 agreed to a sweeping new agenda over the weekend. But while the communique they issued is lofty in goals, it lacks crucial details on climate.

Why it matters: The G7's paucity of specifics on climate finance and domestic coal consumption, in particular, calls into question the ability of the wealthiest nations to take sufficient action on global warming.

1 hour ago - World

Putin denies Russia is behind cyberattacks ahead of Biden summit

In an exclusive interview with NBC's "Today," Russian President Vladimir Putin denied that Russia is waging cyber warfare against the United States and refused to guarantee opposition leader Alexei Navalny — whose name he would not say — will leave prison alive.

Why it matters: Cyberattacks by Russian intelligence and Russian-speaking criminal groups, as well as the Kremlin's attempted assassination and jailing of Navalny, are among the topics President Biden is expected to raise at his Geneva summit with Putin on Wednesday.

3 hours ago - Health

Novavax says COVID-19 vaccine was 90% effective in Phase 3 trial

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Novavax, a Maryland biotechnology company, announced Monday that its COVID-19 vaccine was 90.4% effective in its Phase 3 trial, including against coronavirus variants.

Why it matters: The study of 29,960 participants in the U.S. and Mexico found the shot was safe and highly effective, paving the way for the FDA to clear a 4th vaccine for emergency use by the end of the year.