Due to a cyberattack on the largest US fuel pipeline, it had to shut down on Friday leading analysts to worry about potential gas price spikes.
The Colonial Pipeline system spans over 5,500 miles through 10 states from New Jersey to Texas, transporting about 45 percent of all of the fuel that is consumed in the Eastern United States. The cyberattack on the pipeline involved ransomware, according to a statement.
The Colonial Pipeline said in a statement:
"We are in the process of restoring service to other laterals and will bring our full system back online only when we believe it is safe to do so, and in full compliance with the approval of all federal regulations."
So will this affect New Mexico?
According to AutoBlog, the average gas prices in the Albuquerque are are hovering just around or below $3 per gallon.
A potential shortage in fuel could lead to higher prices nationally. According to AAA, the national gas currently sits at $2.97 per gallon, which is up more than 60 percent from last year.
Gasbuddy analysts wrote:
"It's very difficult to pin the exact amount prices may rise, but for now, it appears to be a few cents per gallon, possibly growing more significant if the pipeline remains shut down for more than 2-3 more days."
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