Gasoline futures bounce as a lot of important pipeline stays shutdown following cyberattack

Signage will be displayed on a fence at the Colonial Pipeline Co. Pelham intersection and terminal in Pelham, Alabama, USA on Monday, September 19, 2016.

Luke Sharrett | Bloomberg | Getty Images

Fuel prices rose in stores on Sunday evening as much of one of the largest pipelines in the US remains closed after a year Cybersecurity attack.

Gasoline futures jumped 2% to $ 2,168 a gallon while Heating oil futures rose 1.2% to $ 2.03.

West Texas Intermediate Crude Oil FuturesThe US oil benchmark rose 56 cents to $ 65.46 a barrel. International benchmark Brent crude oil traded at $ 68.95 a barrel, for a profit of 65 cents. Natural gas futures were at $ 2.96 per million British thermal units while

Colonial Pipeline announced Sunday evening that some of its smaller side lines between terminals and delivery points are back online, but the main lines are still down.

“We are in the process of restoring service to other side panels, and will only bring our entire system back online if we believe it is safe and fully comply with all federal regulations,” the company said in a statement.

How quickly service is restored in the pipeline remains the deciding factor. While fuel depots are usually stored for a few days in tank farms, a prolonged outage can lead to an increase in fuel prices.

The Colonial Pipeline, which operates the largest pipeline transporting fuel from the Gulf Coast to the northeast, “suspended all pipeline operations” on Friday evening as a proactive measure following a ransomware cyberattack.

The pipeline is an essential part of the US petroleum infrastructure and transports around 2.5 million barrels of gasoline, diesel fuel, heating oil and jet fuel every day. The pipeline is more than 5,500 miles and carries nearly half of the east coast’s fuel supply. The system also supplies fuel to airports, including in Atlanta and Baltimore.

“Without this there is no transport in the region, so it is important that the pipeline is back on stream as soon as possible,” said Patrick De Haan, Head of Petroleum Analysis at GasBuddy. “The effects will potentially increase exponentially after about day 5,” he added.

President Joe Biden was notified of the pipeline’s closure Saturday morning, and the Department of Homeland Security’s cybersecurity and infrastructure security agency is coordinating with the Colonial Pipeline.

US Secretary of Commerce Gina Raimondo said Sunday that it is “All hands on deck are trying now.”

“We are working closely with the company, state and local authorities to ensure that they are back to normal operations as soon as possible and that there are no disruptions in supply,” she told CBS ‘Face the Nation.

The pipeline failure comes as Americans start traveling again as restrictions are lifted and Covid vaccination rollout accelerates. On Friday, the TSA checked more than 1.7 million passengers, the highest figure in more than a year.

“The colonial outage comes at a critical time for the recovering US economy: the start of the summer driving season,” said ClearView Energy Partners. “Persistent disruption that causes pump prices to rise significantly could increase the prospect of domestic policy intervention,” the company added.

The national average for a gallon of gasoline was $ 2,962 on Sunday, up 60% year over year, according to AAA.

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– CNBC’s Emma Newburger contributed to the coverage.

Leisure Trade Basis Launches EIF Careers Program To Diversify Movie & TV Manufacturing Pipeline – Deadline

The Foundation for the entertainment industry launched the EIF career program, an initiative aimed at creating a more diverse talent pipeline for careers in film and television by increasing the number of under-represented candidates in entry-level positions in production. The EIF also plans to add entry-level corporate and administrative roles to the program.

In a relationship with Crew lifeThe program, the digital recruitment platform for entertainment professionals, is funded by the James Irvine Foundation and the Best Buy Foundation and resides on Crewvie’s existing database. It is open to candidates who do not yet have production credits, and studios and networks do not have to charge fees to access candidates’ profiles. The program’s steering committee includes executives from Sony Pictures Entertainment, Disney General Entertainment, NBCUniversal and WarnerMedia.

AFM & SAG-AFTRA intellectual property rights fund distributing a record $ 70 million in royalties

You can see the program’s website Here.

“We are in a unique position to help newcomers build a solid foundation for a long career in the entertainment industry, and we are excited to offer a solution that supports the growing diversity, equity and inclusion in the industry,” said Nicole Sexton, President and CEO of EFI.

The program brings together candidates from underrepresented communities who may not have access to the resources and professional networks to get into the entertainment field and is designed to lay the foundation for their sustainable careers in Hollywood. Candidates are alumni of pathway programs such as the Academy of Motion Picture Arts and Sciences, Gold Rising, Television Academy Foundation, Hollywood CPR, ManifestWorks, and LA Mayor Eric Garcetti’s Evolve Entertainment Fund.

Of the hundreds of these alumni who are already on the platform, more than 80% identify themselves as people of color and more than half as women. The program is currently piloted in the Los Angeles area, but seeks to build partnerships and impacts over the coming years “to bring lasting and meaningful change across the entertainment industry.” The program also offers candidates all-round services, such as: B. Transportation grants and emergency cash grants or grants.

“Our goal is to bring more people into our industry and to help productions build teams that better reflect the communities in which they operate,” said Jeanette Volturno, co-founder of Crewvie.com. “We are very excited to be working with the EIF careers program to leverage our technology and network and open these doors.”

Founded in 1942, the Entertainment Industry Foundation is a nonprofit that develops nonprofit campaigns while promoting support for public and private organizations and philanthropists who advocate social responsibility. On Tuesday, the EIF received a Peabody Award nomination in the Public Service category for its production of Graduate Together, a tribute to the 2020 high school class, featuring LeBron James, President Barack Obama, Zendaya, Alicia Keys, HER, and many others “.