Energy secretary: We have gas supply issues, not a shortage
Gas supply issues are moving well beyond North Carolina
Jennifer Granholm gives remarks at Tuesday's White House press briefing in light of gasoline shortage fears
In her first major crisis since taking the helm of the Department of Energy, Secretary Jennifer Granholm is telling drivers to play it cool.
"Much as there was no cause for, say, hoarding toilet paper at the beginning of the pandemic, there should be no cause for hoarding gasoline, especially in light of the fact that the pipeline should be substantially operational by the end of this week and over the weekend," she said during a White House news briefing on Tuesday.
COLONIAL PIPELINE CEO: GAS SHORTAGES POSSIBLE
Granholm's remarks come as drivers up and down the East Coast from North Carolina to Alabama have created gas lines, similar to those seen in the 1970s, on fears of gas shortages after the Colonial Pipeline, the largest in nation carrying fuel from the Gulf Coast to New York, shut down after a cyberattack.
Colonial is slowly resuming operations and expects to be substantially operational by the weekend.
COLONIAL PIPELINE TEMPORARILY RESUMES LINE 4 OPERATIONS FOLLOWING RANSOMWARE ATTACK
Colonial Pipeline Company connects refineries with customers and markets throughout the Southern and Eastern United States through a pipeline system that spans more than 5,500 miles between Houston, Texas and Linden, New Jersey.
Oil and gas prices are marginally higher as investors gauge supply issues, Phil Flynn, senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor, predicted the U.S. had five days of supplies as of Monday.
COLONIAL PIPELINE: CLOCKS TICKS ON GAS SUPPLIES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 74.25 | +1.05 | +1.43% |
| UGA | UNITED STATES GASOLINE FUND - USD ACC | 63.11 | +0.27 | +0.43% |