BLACKSBURG, Va. – As all eyes remain on the prices at the pump, some experts say high costs for gas could be sticking around even after the pipeline issues are resolved.
Prices per gallon have skyrocketed to as high as almost $7 a gallon in other places across the state.
Right now, we’re at about $3 a gallon here in the New River Valley, but experts say that number could get higher over the next few weeks and it’s not just a pipeline issue.
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It’s been impossible to ignore the prices at the pump over the last day or two, and they may be here to stay.
Mike Ellerbrock is a professor of economics at Virginia Tech. He says as companies like Colonial Pipeline hit by cybersecurity attacks typically have a big price to pay.
“Supposedly 40 to 60% of the time, attacked, industries, pay that ransom the industry probably does need to do a better job with cybersecurity,” Virginia Tech Professor of Economics Mike Ellerbrock said.
As cyberattacks become more common, White House officials are looking at ways to prevent incidents of this magnitude in the future.
Ellerbrock says hackers are getting more personal with their attacks by the day.
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“This issue is getting a lot of attention because of our addiction to fossil fuels. Americans love gasoline, so this is really getting personal,” he said.
As more people rush to the pumps to fill their tanks, Ellerbrock says the cost per gallon will likely stay high.