Gas Prices Could Increase Due To Hurricane Sandy

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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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