• Oct 26, 2012

As Hurricane Sandy -- also known as the "Frankenstorm" -- closes in on the eastern coast of the United States, drivers should begin preparing for an increase in the price of gasoline.

The storm could potentially close off the supply and stop oil production at East Coast refineries, according to research firm Seeking Alpha. Since about 6.5 percent of the gas used by Americans comes from the east coast, according to CBS News, a stop in production could dramatically affect the average price of a gallon of gas.

Gas prices have been trending downwards lately. As of yesterday, the average price was $3.60 per gallon. That average price has been decreasing every day since October 8, according to AAA.

Americans may be in for a repeat of the consequences brought on by Hurricane Issaac, which hit the Gulf Coast and caused some refineries to shut down in August. This caused the biggest one day jump in gas prices in 18 months.

CBS News has more on what we can expect gas prices to do in the coming days. Check out the video above for more.


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    • 1 Second Ago
      • 2 Years Ago
      What a shock, gas prices are supposed to go up. Did someone sneeze in the Middle East, too? That could put us over $4.00. Please, prices don't drop with the price of oil going down -- why would we expect that there wouldn't be a reason to drive these prices up more.
      • 2 Years Ago
      like they need an excuse.
      • 2 Years Ago
      "Gas Prices Could Increase Due To Hurricane Sandy"...So what! Gas prices could increase due to etc., etc., etc., etc., or even a stock broker sneezing in the stock exchange. Supply and demand are manipulated daily to effect prices for any little whim.
      • 2 Years Ago
      Another flimsy excuse to line someone's pockets , the storm may MAY shut down oil for maybe one day 2 tops but you can bet the price will continue to rise long after , talk about legal rape , I am shocked the muslim in the white house is going to allow gas prices to rise any right before the eleciton ...,
      • 2 Years Ago
      Not another reason, just another excuse. After the debate, prices started dropping like rocks...just like after the oil CEOs went to the hill about prices, etc. Isn't that just special?! And now with the impending storm thing, they'll rocket back up and stay there. Gouging dshould not a market trend make - but obviously it does.
      • 2 Years Ago
      Any excuse the greedy sobs can come up with, so they can keep politicians in their pockets
      • 2 Years Ago
      Everytime you mention the storm gas goes up a quarter a gal.
      • 2 Years Ago
      Why is it everytime we have a storm of any kind no matter where its at it always has something to do with a spike in gas prices. I think the news media pushes gas prices up by speculating where the storm might hit and then sure enough it goes up. Why is it when the storm is in the gulf thats where our oil comes from so if a storm hits the gulf gas goes up and now it is going to effect the east and now that is where we get our oil from. Please quit speculating or should I say lying and once and for all tell the truth about where our oil comes from. Maybe if news outlets would report on other news our gas prices might go down at least for a while anyways.
      • 2 Years Ago
      What a load of ****
      • 2 Years Ago
      Why...the last time gas prices went up Obama blamed tsunamis, hurricanes, tropical storms, Pandora's box......
      • 2 Years Ago
      Now here is really how the price will be affected. Since, as the media says, 1 in 5 people nationwide will be affected by Sandy and will have to stay home from work and travel, they won't be burning much gas. So the oil companies will raise the price to make up for their lost of income. This will make their profit nimbers look good to their stockholders. Greedy bastards.
      • 2 Years Ago
      There is only one reason why gasolene is up and down "GREED" . I hope all those involved go straight to hell and they can't spend not one dime of it after their dead.
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