Mike, Fifty Five Hundred Miles, Monday discussed on Energy News Beat Podcast
This is a while we can do because crazy. Not only do we have a we wake up today and we have a merger between bonanza creek and extraction which comes out of left field. I was calling the whole time. Something else. I was completely wrong. I can shape the back half of that. I thought it was going to be. Maybe a crestone extraction merger guest. Not bonanza keith wooten. After stealing highpoint very interesting. Mike you and i have been michael. You and i have been doing podcast for about a year over a year. And that's the first time you've ever been admitting to being wrong. I am stunned. I'm gonna curl up in the fetal position. Your been known to be have been called the wizard but some mistakes every once in while so you said the other day though mighty have fallen your own mentor. I am my own mentor. We can put out. We need those t shirts rolling out i need. I need that embroidered right underneath here. All right so besides that besides this merger which normally we would spend the entire episode talking about this merger but in light of this colonial pipeline. Shutout it doesn't even look that big so for those of you who've been sleeping on iraq this weekend. I know countries moving back up concerts this weekend. I'm gonna give you a quick rundown of what happened. Friday colonial pipeline which is part owned by. Shell decided to shut down. Its pipelines as a precaution and engaged a third party cybersecurity for to investigate in which they later confirmed with a ransomware attacks. So here's what happened. Let let me see. Let me pull it up here. So the decision to shut the pipeline down. Now to give you an idea this pipelines fifty five hundred miles. It runs from linden new jersey. All the way down to houston lake charles and delivers about a little over fifty fifty two percent of the east coast of refined gas supply. So this is a midstream company but this is a refined product. We're not talking about natural gas. We're not talking about an unrefined. This is hardcore gasoline. We could see that the supply disruptions are so close to the consumer. Were the scary. Part is we could begin to see some of this up in the industry. They call it downstream xactly. So there's this company called called called dark side they took about one hundred gigabytes data. But here's the company. It was an extortion scheme. So i think why would it rolled out. A lot of people. Were very scared. Because it's a cold smokes. We've got a ransomware attack. Where all shut down. Well when you die be doing. It was all business data store and they said that it would leak all the sensitive data to the internet if they did not pay the ransom and so the company decided to shut down the pipeline as a precaution in order to make sure that obviously they'd have because there's this company but a wild story because this is a legacy fifty percent of all refined products gasoline diesel jet fuel that goes to the east coast and they haven't said where they're gonna reopened yet. It still shutdown. We're talking. This was late friday afternoon. Stu it's now monday. It's we're recording this monday. Central eleven central. My goodness what michael. The end result is going to be a horrific on this. Just whenever you're done with the.