Colonial Pipeline Co., is the largest fuel pipeline company in the U.S. It was cyber hacked around April 29, 2021. This cyber attack on Colonial Pipeline Co., led to shortage of gasoline across the East Coast of U.S. and beyond. It resulted to significant increase in price of gasoline (per gallon) in the East Coast of U.S. and there were long lines at gas stations, many of which ran out of gasoline.
Use the Wall Street Journal as main source.
With the aid of a well-labeled diagram (of market model of demand and supply), explain in detail how the above (described) situation or scenario led to increase in price of gasoline in East Coast of U.S. in May, 2021, and its residual effects are still felt currently at the gas pump.
INSTRUCTION(S):
(1) With the aid of a large, well-labeled diagram (of market model), explain in detail, how the Colonial Pipeline Co., cyber attack led to gasoline price hike in the East Coast of U.S. and beyond since the past six (6) weeks or so (essay without the appropriate diagram will be scored zero).
(2) Copy and paste below your written essay, at least two recent news articles (less than 10 days old) on Colonial Pipeline cyber attack and its consequences on price of gasoline, from the Wall Street Journal (WSJ).
(3) Limit the length of your written essay to a minimum of two and one-half (2 1/2) and a maximum of three (3) typed, double spaced pages.
(4) Upload your essay assignment to the Instructor on FAMUs Canvas LMS.
(5) This assignment is due
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