Gasoline futures shot up as much as 15% on Tuesday in intraday trading on the New York Mercantile Exchange after the accident on Monday involving Colonial Pipeline Co. The gains at one point on Tuesday were the biggest intraday move in eight years before narrowing and ending up 4.6%, at $1.4841 a gallon.
The company said on Tuesday that the diesel pipeline resumed operations and that the gasoline line is scheduled to restart Saturday, though that could change. Colonial said it could work with shippers to send gasoline through the diesel line, which also ships jet fuel.
The 5,500-mile pipeline system carries more than 100 million gallons of fuel a day from Houston to New Jersey and serves 13 states in the South and on the East Coast.