Good morning and happy Sunday. Here’s what you need to know in business and tech news for the week ahead. — Charlotte Cowles
What’s Up? (May 9-15)
Panic at the Pump
A cyberattack on Colonial Pipeline, one of the biggest fuel arteries in the United States, pushed the average price of gas above $3 per gallon for the first time since 2014. Fearing a shortage, panicked buyers lined up at the pump, which, of course, made the problem worse. To appease the hackers, who are believed to be part of a foreign organized crime group, Colonial Pipeline paid nearly $5 million in ransom — a capitulation that could embolden other criminals to take American companies hostage. The pipeline’s operators restored service late last week but said the supply chain would need several days to return to normal.
It’s Not Your Imagination
A new report from the Labor Department confirmed what you may have noticed: Prices for consumer goods like clothes,…