The daily business briefing: May 14, 2021

Gas crunch continues despite ramping up of pipeline, jobless claims fall to another pandemic low, and more

A gas pump
(Image credit: ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

1. Panic buying continues as pipeline ramps up after cyberattack

Gas lines and panic buying continued Thursday even after Colonial Pipeline started ramping up operations again after a ransomware attack disrupted a pipeline that supplies nearly half of the East Coast's fuel. Colonial Pipeline said all markets should have begun getting some fuel during the day, but much of the Southeast continued to be plagued by panic buying that made shortages worse and left more than half of the gas stations in Georgia, Virginia, and the Carolinas without fuel. President Biden warned that hoarders would only extend the crisis, and he encouraged people to be patient, because restarting the pipeline was "not like flicking on a light switch." Colonial Pipeline reportedly paid a nearly $5 million ransom in cryptocurrency to Eastern European hackers last week to restore their system.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.