Tuesday, October 30 2012 5:51 PM EDT2012-10-30 21:51:09 GMT
Millions of people from Maine to the Carolinas awoke Tuesday without power, and an eerily quiet New York City was all but closed off by car, train and air as superstorm Sandy steamed inland.more>>
Millions of people from Maine to the Carolinas awoke Tuesday without power, and an eerily quiet New York City was all but closed off by car, train and air as superstorm Sandy steamed inland, still delivering punishing wind and rain.more>>
NASHVILLE, Tenn. - Superstorm Sandy could impact gas prices nationwide, but only temporarily.
Unlike during Hurricane Isaac, Sandy is not expected to have the same effect on gas prices mainly because of its location.
Despite Sandy's impacts on the Mid-Atlantic and the Northeast, experts said the downward trend should continue. Depending on how the East Coast refineries fared during the storms, there may be an increase in prices temporarily.
"If those refineries are down for a week, two weeks, especially three or four weeks because of water damage then it's going to have a real crimp on gas supplies in the Northeast," said Kinetic Analysis Director Chuck Watson.
Analysts said they are expecting a drop in demand as drivers in the Northeast stay off the road. However, some analysts still argue we aren't in the clear just yet.
"We are pretty worried about the oil sector here. There's close to a million barrels of production per day that are really prime target area for this storm," Watson added.
Gas prices nationwide, particularly in the Southeast, have experienced drops in prices in recent weeks. Nationally, the average price for a gallon of regular is down to $3.53. That 11 cents lower than a week ago, and down a quarter from a month ago.
The current average in Tennessee is $3.30 for regular unleaded.
A Triple A spokesman said if average gas prices move a little higher, it should only be for the next few days, but they anticipate the downward trend we have been seeing will continue.