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Sandy Gas Prices

October 31, 2012 by  

Sandy Gas Prices, Gasoline prices are likely to keep falling after Super Storm Sandy shut down highways and air travel across the East Coast. “We’re not going to see prices move higher because of this storm. We’re going to see prices move lower,” said Tom Kloza, oil analyst at OPIS. RBOB gasoline futures were down a half percent, at $2.62 per gallon in afternoon trading Tuesday.

Gasoline at the pump continued to decline, with the national average for unleaded regular $3.53, a penny lower than Monday and 11 cents cheaper than a week ago.

Kloza and others said gasoline could move higher in the short term but the dynamic favors lower prices.

“My guess is we’ll have 20 to 25 states that will have prices below where they were a year ago,” he said. “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 get closer to $3.”

Five East Coast refineries producing gasoline were all in the path of Sandy. The Linden, N.J.-based Philips 66 refinery, one of the nation’s largest, remained closed Tuesday after it was shut pre-emptively ahead of Monday’s storm. The plant did see some flooding, and it was awaiting a return of power in the next day or two. But several other refineries, which had been operating at reduced levels, were restoring operations.

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