Gas shortages wind down as Colonial Pipeline restarts: State-by-state breakdown
The Carolinas, Virginia and Georgia, the states hardest hit by the disruption, could take between 7 to 14 days to recover, according to Gasbuddy
Colonial Pipeline could impact gas prices: Schork
The Schork Group principal Stephen Schork on the biggest factors impacting the oil industry today.
Fuel shortages that have slammed the East Coast are starting to wind down as the Colonial Pipeline has restarted service following a cyberattack last week by Russian ransomware group DarkSide.
Source: Gasbuddy
The 5,500-mile pipeline system transports more than 100 million gallons of gasoline, diesel, jet fuel and heating oil per day, or roughly 45% of fuel consumed on the Eastern Seaboard between the Gulf Coast and the New York metro area.
Following the attack, the national average for gas prices has topped $3 per gallon, the most expensive level since October 2014. As of Thursday afternoon, the national average stands at $3.02 per gallon.
However, Gasbuddy, which operates apps and websites based on finding real-time fuel prices at more than 140,000 gas stations, attributes the increase in gas prices to the economic recovery associated with the COVID-19 pandemic.
Gasbuddy senior petroleum analyst Patrick De Haan says prices may start to go back below $3 per gallon in the next few days. However, he warns that could be sidelined if Memorial Day weekend is busy.
De Haan predicts that, by Memorial Day, it should be easier for drivers to find gasoline, with leftover gas station outages expected to be below 20% across the East Coast. Alabama, Delaware, Mississippi, and West Virginia could take about 2-5 days to recover, while Washington D.C., Florida, Maryland and Tennessee could take 5-12 days, and Georgia, Virginia and the Carolinas could take up to 14 days.
Below is a FOX Business state-by-state breakdown on current gasoline outages, based on the latest data from Gasbuddy, as of 1 p.m. Thursday:
Washington, D.C.
Washington, D.C., has the highest percentage of remaining gasoline outages, impacting 73% of the city's total stations. Thursday's average gas price in the nation's capital stands at $3.12 per gallon, according to the American Automobile Association.
North Carolina
North Carolina, which remains one of the hardest hit states by the disruption, is reporting about 68% of the state's fuel stations are still experiencing gasoline outages.
De Haan noted that multiple cities across North Carolina have started to see "limited improvement" Thursday after skyrocketing over the last few days.
On Monday, Gov. Roy Cooper issued a state of emergency "suspending motor vehicle fuel regulations to ensure adequate fuel supply supplies throughout the state." The emergency declaration is aimed at helping North Carolina "prepare for any potential motor vehicle fuel supply interruptions across the state and ensure motorists are able to have access to fuel," Cooper said in a statement.
Thursday's average gas price in North Carolina stands at $2.88 per gallon, according to AAA.
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Virginia
Following behind North Carolina in outages is Virginia, where 68% of the state's fuel stations still remain out of gasoline. Like North Carolina, Virginia Gov. Ralph Northam declared a state of emergency to help alleviate the CommonWealth's gas situation.
Thursday's average gas price in Virginia stands at $2.91 per gallon, according to the AAA. However, according to 8News reporter Laura Perrot, prices at some stations have hit as high as $7 per gallon.
South Carolina
South Carolina is also reporting 52% of stations are still out of gasoline. Thursday's average gas price in South Carolina stood at $2.85 per gallon, according to AAA.
Georgia
In Georgia, 48% of the state's total stations continue to have fuel outages. After peaking at 73.4% of gas stations without fuel at midnight, metro Atlanta is now down to approximately 68.3% of station's reporting outages.
Gov. Brian Kemp signed an executive order on Tuesday suspending the state's gas tax in an effort to help offset higher gas prices as a result of the cyberattack. The order also increases the weight limits on trucks transporting fuel.
Thursday's average gas price in Georgia stands at $2.98 per gallon, according to AAA.
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Maryland
In Maryland, 36% of the state's total stations remain without gasoline. Thursday's average gas price in Maryland stands at $3.01 per gallon, according to AAA.
Tennessee
In Tennessee, 33% of the state's gas stations continue to report outages. Thursday's average gas price in Tennessee stood at $2.86 per gallon, according to AAA.
Florida
In Florida, about 30% of the state's stations are still out of gasoline. De Haan warned South Floridians earlier Thursday to stop panic buying.
Like other states, Florida Gov. Ron DeSantis declared a state of emergency in response to the outages. Thursday's average gas price in the Sunshine State stands at $2.89 per gallon, according to AAA.
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Alabama
In Alabama, about 9% of the state's stations are without gasoline. Thursday's average gas price in Alabama stands at $2.82 per gallon, according to AAA.
Mississippi
In Mississippi, about 7% of the state's gas stations continue to report outages. Thursday's average gas price in Mississippi stands at $2.71 per gallon, according to AAA.
West Virginia
In West Virginia, about 6% of the state's gas stations still have fuel outages. Thursday's average gas price in West Virginia stands at $2.92 per gallon, according to AAA.
Delaware
In Delaware, about 4% of the state's gas stations are without gasoline. Thursday's average gas price in Delaware stands at $2.95 per gallon, according to AAA.
Kentucky
About 3% of Kentucky's stations continue to report outages. Thursday's average gas price in Kentucky stands at $2.87 per gallon, according to AAA.
New Jersey
In New Jersey, about 1% of the state's stations are still out of gas. Wednesday's average gas price in the Garden State stands at $3.05 per gallon, according to AAA.