Gas prices hit 7-year high as Colonial Pipeline shutdown spurs panic buying

The national average gas price rose to a seven-year high on Wednesday, and four governors have declared states of emergency as the shutdown of the Colonial Pipeline spurred panic buying across the Southeast.

The shutdown of the biggest oil pipeline in the US due to a crippling cyberattack believed to be orchestrated by a Russia-based criminal group pushed Wednesday’s national average price to $3.008 per gallon of gas, according to the Automobile Association of America.

That’s the highest prices have been since November 2014, according to AAA, as closure of the 5,500-mile pipeline, which carries more than 100 million gallons of fuel from Texas to New Jersey each day, stretches into its sixth day.