Show an ad over header. AMP

I am the FIRST

Biden warns gas stations not to price gouge: "That's not who we are"

President Biden on Thursday warned gas companies to not price gouge amid major shortages following the Colonial Pipeline cyberattack.

The big picture: Biden added that the FBI does not believe the Russian government is behind the attack, but they do know that those responsible "are living in Russia."


  • The president noted that the Justice Department launched a new task force that will specifically prosecute ransomware hackers "to the full extent of the law."
  • Biden on late Wednesday signed an executive order in an attempt to bolster the country's cybersecurity defenses following the cyberattack.

What he's saying: "I'm going to work with governor's the affected states to put a stop price gouging wherever it arises and asking our federal agencies to stand ready to provide assistance to state level efforts to monitor address any price gouging," Biden said.

  • "Nobody should be using this situation for financial gain. That's what the hackers are trying to do. That's what they are about, not us," he added.
  • Biden also said that people should avoid getting "more gas than you need the next few days" because "panic buying will only slow the process," as it will likely take a few days for the pipeline to return to normal operations.

Context: "Reports of price gouging have circulated in states most impacted by the closure of the 5,500-mile Colonial Pipeline. The pipeline runs from Texas to New Jersey, transporting more than 100 million gallons of fuel per day along the US Southeast," the Independent writes.

Go deeper:

regular 4 post ff

infinite scroll 4 pff

Why the startup world needs to ditch "unicorns" for "dragons"

When Aileen Lee originally coined the term "unicorn" in late 2013, she was describing the 39 "U.S.-based software companies started since 2003 and valued at over $1 billion by public or private market investors."

Flashback: It got redefined in early 2015 by yours truly and Erin Griffith, in a cover story for Fortune, as any privately-held startup valued at $1 billion or more. At the time, we counted 80 of them.

Keep reading... Show less

Scoop: Facebook's new moves to lower News Feed's political volume

Facebook plans to announce that it will de-emphasize political posts and current events content in the News Feed based on negative user feedback, Axios has learned. It also plans to expand tests to limit the amount of political content that people see in their News Feeds to more countries outside of the U.S.

Why it matters: The changes could reduce traffic to some news publishers, particularly companies that post a lot of political content.

Keep reading... Show less

Insights

mail-copy

Get Goodhumans in your inbox

Most Read

More Stories