Hurricane Sandy has unanticipated impact on gas prices

11/01/2012 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

U.S. – Analysts are predicting a continual decline in gas prices in the aftermath of Hurricane turned Super Storm Sandy. As reported by CNBC, gasoline at the pump prices lowered as several modes of travel were restricted across the East Coast in Sandy’s wake.

Tom Kloza, an oil analyst at OPIS, is quoted in the report as stating, “We’re not going to see prices move higher because of this storm. We’re going to see prices move lower.”

As noted in the report, five refineries on the East Coast, which produce an estimated 6.5 percent of the nation’s gasoline, were closed or impacted by being in the hurricane’s path.

Kloza is further quoted by CNBC as stating, “My guess is we’ll have 20 to 25 states that will have prices below where they were a year ago… It could be in the $3.40s (a gallon) by next week. There’s a huge swatch of the country that’s going to be closer to $3.”

Justice News Flash delivers the latest in U.S. hurricane news.

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