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In photos: Long lines and fuel shortages amid Colonial Pipeline shutdown

Reports of fuel shortages across the U.S. emerged on Tuesday as the national average for gasoline prices soared to its highest level since 2014 amid a key fuel pipeline shut down, per Bloomberg.

What's happening: Operator Colonial Pipeline aims to have service restored by the week's end following last Friday's ransomware attack that shut down some 5,500 miles of pipeline from Texas to New Jersey. Florida Gov. Ron DeSantis (R) declared a state of emergency after panic-buying created a fuel shortage.

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Fed chair Jerome Powell attempts a high-wire circus act on inflation

Fed chair Jerome Powell is attempting something of a high-wire circus act as the central bank pushes forward with its average inflation targeting regime.

The big picture: He's trying to simultaneously raise inflation while keeping short-term interest rates low and stimulate the economy through unprecedented and extraordinary measures while convincing Americans the economy is doing well.

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Scoop: Netanyahu demands full control over Israel's Iran policy, sparking pushback

Prime Minister Benjamin Netanyahu is demanding full control of Israel's Iran policy as Joe Biden prepares to assume the Oval Office, setting off a fierce fight at the highest echelons of Israel's government, senior Israeli officials tell me.

Why it matters: Prime Minister Benjamin Netanyahu is preparing to take a very hard line over Biden's plan to return to the 2015 nuclear deal, in contrast with the more moderate approach favored by Defense Minister Benny Gantz, Foreign Minister Gabi Ashkenazi and the heads of Israel's security services.

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