US fuel supply to normalize ‘fairly soon’

The Colonial Pipeline shutdown has caused shortages at the pumps throughout the South and emptied stations in Washington, DC. (AFP)
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Updated 16 May 2021
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US fuel supply to normalize ‘fairly soon’

  • Gas station outages down about 12 percent from the peak, says official

WASHINGTON: Energy Secretary Jennifer Granholm says the nation is “over the hump” on gas shortages following a ransomware cyberattack that forced a shutdown of the nation’s largest gasoline pipeline.

Problems peaked Thursday night, and service should return to normal in most areas by the end of the weekend, Granholm said Friday in an interview with The Associated Press.

“The good news is that ... gas station outages are down about 12 percent from the peak” as of Friday afternoon, with about 200 stations returning to service every hour, she said. “It’s still going to work its way through the system over the next few days, but we should be back to normal fairly soon.''

A cyberattack by hackers who lock up computer systems and demand a ransom to release them hit the Colonial Pipeline on May 7. The hackers did not take control of pipeline operations, but the Georgia-based company shut it down to prevent malware from affecting industrial control systems.

The Colonial Pipeline stretches from Texas to New Jersey and delivers about 45 percent of the gasoline consumed on the East Coast. The shutdown has caused shortages at the pumps throughout the South and emptied stations in the Washington, DC.

President Joe Biden said US officials do not believe the Russian government was involved, but said “we do have strong reason to believe that the criminals who did the attack are living in Russia.'”

As Colonial reported making “substantial progress” Friday in restoring full service, two people briefed on the matter confirmed the company had paid a ransom of about $5 million.

Granholm, like other Biden administration officials, urged drivers not to panic or hoard gasoline.

“Really, the gasoline is coming,'' she said. “If you take more than what you need, it becomes a self-fulfilling prophecy in terms of the shortages. Let’s share a little bit with our neighbors and everybody should know that it’s going to be okay in the next few days.'”

Granholm’s agency is leading the federal response to the ransomware attack. She said the incident shows the vulnerability not only of US infrastructure, but also personal computers. Her 86-year-old mother recently suffered a ransomware attack on her iPad, Granholm said.

“So it’s just happening everywhere,'' she said. “All these cybercriminals see an opportunity in the cloud and in our connectivity. And so we all have to be very vigilant. That means we’ve got to have security systems on our devices and individually we shouldn’t be clicking on any email with attachments from people you don’t know. I mean it’s just around us.'”

Biden signed an executive order on cybersecurity this week, and the Energy Department and other agencies are working to protect critical infrastructure, she said.

Much of the US pipeline infrastructure, like Colonial, is privately owned. The chairman of the Federal Energy Regulatory Commission, which oversees interstate pipelines, said this week that the US should establish mandatory cybersecurity standards for pipelines similar to those in the electricity sector.


Closing Bell: Saudi main index closes in green at 10,917 

Updated 19 January 2026
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Closing Bell: Saudi main index closes in green at 10,917 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04. 

The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated. 

The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06. 

The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated. 

The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53. 

Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59. 

Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price. 

On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59. 

ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56. 

Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97. 

On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.  

The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.  

Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase. 

Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.  

The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.  

According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.  

Its share price remained unchanged on Nomu at SR16.40.