About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “No Need to Hard Gas Amid Fears of Fuel Shortage, Energy Secretary Says” – below is their description.
As the shutdown of a major fuel pipeline entered into its fifth day, efforts are under way by both Colonial Pipeline and the Biden administration to stave off potential fuel shortages, though no widespread disruptions were evident.
The Colonial Pipeline, which delivers about 45% of the fuel consumed on the East Coast, was hit by a cyberattack on Friday.
By Tuesday, more than 1,000 gas stations had run out of gasoline, shortages primarily driven by panic buying.
Speaking at the White House briefing on Tuesday, Secretary of Energy Jennifer Granholm told reporters that a large part of the pipeline resumed operations manually late Monday, and Colonial will be able restart most of its operations by the end of the week.
But she warned, motorists may still feel a crunch because it takes a few days to ramp up operations. “We know that we have gasoline, we just have to get it to the right places,” Granholm said.
Granholm warned gas station owners there will be “no tolerance for price gauging,” and urged the public not to hoard gasoline, insisting there is no need.
“As much as there was no cause for, say, hoarding toilet paper at the beginning of the pandemic, there should be no cause for hoarding gasoline, especially in light of the fact that the pipeline should be substantially operational by the end of this week and over the weekend,” she said.
The White House said this week that it is monitoring supply in parts of the Southeast and that President Joe Biden had directed federal agencies to bring their resources to bear.
The states most dependent on the pipeline include Alabama, Georgia, Tennessee and the Carolinas, he said.
The attack raised concerns, once again, about the vulnerability of the nation’s critical infrastructure. Ransomware attacks are typically carried out by criminal hackers who scramble data to paralyze their target’s networks. Large payments are demanded to decrypt it.
Homeland Security Secretary Alejandro Mayorkas told reporters the threat “is not imminent, it is upon us.” And he said it is a “stark example” of what many have been warning “for some time now.”Bloomberg Quicktake: Now YouTube Channel
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In This Story: Joe Biden
Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.
He is married to Dr Jill Biden.
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In This Story: Tennessee
It is bordered by eight states, with Kentucky to the north, Virginia to the northeast, North Carolina to the east, Georgia, Alabama, and Mississippi to the south, Arkansas to the west, and Missouri to the northwest.
The Appalachian Mountains dominate the eastern part of the state, and the Mississippi River forms its western border.
Nashville is the state’s capital and largest city, with a 2019 population of 670,820 and a 2019 metro population of 1,934,317. Tennessee’s second largest city is Memphis, which had a population of 651,073 and metro population of 1,346,045 in 2019.
The Great Smoky Mountains National Park, the nation’s most visited national park, is located in the eastern part of the state, and a section of the Appalachian Trail roughly follows the Tennessee–North Carolina border.