Gas Pump Prices Fall in Wake of Hurricane Sandy

Hurricane gas pricesNEW YORK (AP) - The price of gasoline fell Tuesday after Hurricane Sandy left a wide swath of flooding, power outages and disrupted transportation in the eastern U.S.

The national average for a gallon of regular fell by about a penny, to $3.53. That's more than 11 cents lower than a week ago. Gasoline futures fell a penny to $2.63.

With many roads impassable, drivers won't be filling up as much, which will slow demand for gasoline.

"It will take some time before we can get demand anywhere close to normal," independent energy analyst Phil Flynn wrote in his daily energy report. "Many people are staying home if possible."

Major refineries in the East, which represent about 8 percent of U.S. capacity, have shut down or reduced operations because of the huge storm. Phillips 66 (PSX) said Tuesday that its 238,000 barrels-per-day Bayway Refinery at Linden, N.J., is without power and has some flooding. It has been down since Sunday.

Hess Corp.'s (HES) refinery at Port Reading, N.J., is also without power. The company said operations are suspended at terminals in New York Harbor, New Jersey, Connecticut, Maryland and Virginia.

Crude imports likely will be reduced until East Coast ports recover. Many ports that shut down ahead of the hurricane have yet to reopen.

Concerns about oil supplies helped push the price of benchmark crude up 34 cents to $85.88 a barrel in New York. Brent crude, used to price many international varieties of crude, fell 41 cents to $109.03 per barrel.

In other energy futures trading in New York:

- Natural gas lost 11 cents to $3.82 per 1,000 cubic feet.

- Heating oil was down 2 cents to $3.07 per gallon.

The Nymex is closed Tuesday because of the storm, but electronic trading continues.

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Gas here in Northern Illinois is $3.25/gal. In Iowa it is now $3.05. I don't worry about gas cost. I drove over 280 miles last week and used less than 1 gallon with my plug-in hybrid.

October 31 2012 at 5:28 PM Report abuse -1 rate up rate down Reply

Nor in my neighborhood.

October 31 2012 at 5:13 PM Report abuse +1 rate up rate down Reply

Nor in my neighborhood.

October 31 2012 at 5:13 PM Report abuse +1 rate up rate down Reply

What was it when Obama took office? around $2.00? Oh right he said it was because of the recession and we weren't using much? Yea right...

October 31 2012 at 3:16 PM Report abuse +2 rate up rate down Reply
1 reply to Jetncat's comment
Patrick J Murphy

And it was over $4.35 average late in 2007. The prices fell when the bottom fell out of Wall Street and the housing market.

October 31 2012 at 10:56 PM Report abuse rate up rate down Reply

It will go way up after the election.

October 31 2012 at 1:34 PM Report abuse +1 rate up rate down Reply

Man it dropped a whole penny, you'll have an extra 18 cents to splurge with, if you have an 18 gallon tank to fill.

October 31 2012 at 9:27 AM Report abuse +2 rate up rate down Reply

Talking about a major population area that may consume 30-50% of gasoline sold daily in the U.S., and folks have been told to stay home. Should result in a temporary glut. Good.

October 30 2012 at 6:08 PM Report abuse +1 rate up rate down Reply

Are energy prices declining because of the evil speculators?

Or is it the greedy consumers?

October 30 2012 at 3:19 PM Report abuse rate up rate down Reply