Oil

In the wake of a cyberattack on the Colonial Pipeline that created a gas shortage in the southeastern U.S. last week, low supply and panic buying sent gas prices soaring.

Sen. John Barrasso, R-Wyo., on Sunday said the Biden administration has been "asleep at the switch" on supporting pipelines, making the United States more "vulnerable" in the aftermath of the cyberattack on Colonial Pipeline.

Gas delivered via Colonial Pipeline Co.’s system is reaching consumers in all the states it serves following a days-long network shutdown, the company announced Saturday.

The 7-Eleven convenience store chain said Friday it had completed a $21 billion acquisition of Marathon Petroleum Corp.’s MPC 2.21% Speedway convenience stores, amid disarray from U.S. antitrust enforcers who hadn’t agreed on what to do about a transaction they all said they believed was anticompetitive.

President Biden said "don’t panic" amid the gas shortage following the ransomware attack on Colonial Pipeline, while warning gas stations against "price gouging" and taking advantage of consumers, and maintaining that the U.S. will "return to normal" in the next several days.

Colonial Pipeline Co. may have paid between $4 million and $5 million to hackers in order to get its pipeline back up and running.

Stock investors shifted back to buying mode after a drop in jobless claims outweighed another hot inflation report.

The Colonial Pipeline has returned to operations following a cyberattack that snarled gas supply for the eastern U.S. for days, according to Energy Secretary Jennifer Granholm.

The Colonial Pipeline returned to operation on Wednesday following a cyberattack that snarled gas supply for the eastern U.S. for days.

The U.S. Department of Homeland Security has approved a Jones Act waiver request to an individual company to ease fuel supply constraints between Gulf Coast and East Coast ports, Secretary Alejandro Mayorkas said in a statement.