Panic Buying At the Pump, State of Emergency, Fallout From Hack

ACROSS NORTH CAROLINA — North Carolina Gov. Roy Cooper signed an executive order Monday declaring a state of emergency after the temporary shutdown of the Colonial Pipeline due to a cyberattack.

The executive order stops some fuel regulations to help ensure there is enough fuel supply available throughout the state. But economists are saying it's not time for consumers to panic.

Not that those words are stopping North Carolinians and consumers in other states supplied by the Colonial Pipeline from getting in line at the pump, according to reports. The Charlotte Observer reported that "panic buying" was clear across the state Tuesday, with some gas stations running out of fuel, or with only diesel fuel left to offer.

But Tiffany Wright, a spokesperson for AAA Carolinas, told the Ashville Citizen Times that any shortages are more related to panic buying than to the shutdown of the pipeline, which is responsible for a little less than half the fuel going to the East Coast.

"People hear something and panic. It's still early, but what I will say is that we do have ample supply even though the Colonial Pipeline is responsible for 45 percent of fuel going to the East Coast," Wright said.

According to reports, the Colonial Pipeline went into a precautionary shutdown after a ransomware cyberattack by a gang of criminal hackers that calls itself DarkSide. President Joe Biden and the FBI formally blamed the gang for the attack Monday.

A spokesman for Colonial Pipeline said the company hopes to substantially restore the flow of gas by the end of the week.

"While this situation remains fluid and continues to evolve, the Colonial operations team is executing a plan that involves an incremental process that will facilitate a return to service in a phased approach," the company said. "This plan is based on a number of factors with safety and compliance driving our operational decisions."

Economists say fuel shortages and major price hikes only would be likely if the shutdown continues for more than a few days.

"I would not expect this to last long enough to make fuel pricing or supply an issue," Patrick De Haan, head of petroleum analysis for GasBuddy, wrote on Twitter over the weekend.