Because of Superstorm Sandy . . . Gas Prices Will Go Down!
According to oil analysts, Sandy is going to mean CHEAPER GAS FOR YOU.
There were a few refineries in Sandy’s path which had to shut down, and that means a dip in oil production in the country. BUT . . . all the people missing work, staying home, and not being able to drive on flooded roads saves a TON of gas.
So while the supply of gas will probably drop by about 1.5 million barrels, the demand has dropped MORE, by about two million barrels. AND there’s a drop in jet fuel demand because of all the flights that were canceled.
An oil industry expert says that supply-demand breakdown means, quote, “[Gas] could be in the $3.40s by next week. And there’s a huge swatch of the country that’s going to be closer to $3.”