Weather Economy

Gas prices may continue to decline, despite Sandy

David Weinberg Oct 30, 2012
HTML EMBED:
COPY
Weather Economy

Gas prices may continue to decline, despite Sandy

David Weinberg Oct 30, 2012
HTML EMBED:
COPY

Prices at the pump have been in decline for 18 consecutive days, prompting AAA to put out a report predicting gas prices would continue to decline through the election and into the end of the year “barring any unforeseen forces.”

Then of course came Hurricane Sandy, which headed straight for several large oil refineries along the Delaware River.

Beth Evans is an editorial director at the American oil news site, Platts. She says, “production coming out of those refineries will halt.”

The shutdown of those facilities could mean a slight increase in gas prices for the region. But the Northeast actually consumes far more oil than it produces: About eight and a half million barrels a day.

“So the expectation is that the impact on demand likely will outweigh the impact on supply,” says Avery Ash. He writes AAA’s Fuel Gauge Report. But Ash points out, “Only as long as there is a smooth restart to production in the Northeast. “

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.