Gas prices look likely to rise nationwide after a cyber attack shut down the Colonial Pipeline, one of the nation’s largest fuel veins. The pipeline carries fuel from Texas up to the East Coast and according to the FBI was hit with a ransomware attack from a group of Russian hackers.
AAA Fuel Analyst Don Redman says Louisiana likely won’t be as impacted as other states due to our local production, but states to the east of us likely won’t be so lucky.
“Mississippi, Tennessee, Georgia, and then moving all the way up to the East Coast they will definitely experience significant increases in gas prices perhaps as much as ten to fifteen cents per gallon,” said Redman who cautioned Louisianans against panic buying gas even as some east coast gas stations have begun experiencing runs.
The average cost of a gallon of gas in Louisiana sits at $2.66, but Redman said nationally that number is just under three dollars and expected to rise quickly.
“It is a price we have not seen since November of 2014,” said Redman.
The price of a gallon is now up $1.06 from this time last year when the futures prices dropped below zero.
Redman said this attack comes at a particularly bad time given that prices were already beginning their slow summer march upward.
“The prices were already going up because of increased demand as we begin thawing out and people are getting out on the road like they haven’t done in over a year because of COVID lockdowns,” said Redman.
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