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Fears east coast 'Super Storm' could drive gas prices higher

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  • Description

    Hurricane Sandy barrels towards east coast

  • Duration 3:21
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Tested gas prices are starting to slide fears growing hurricane sandy could drive them right back got.

The major refiners sitting on the East Coast could take a direct hit Jim.

How bad could get this get at the -- What -- asking how bad it could get really bad having cancer will be -- site like this shouldn't it be a big deal because usually these kinds of things aren't.

But let's take a worst case scenario.

If you he had a category one storm hit the East Coast were completely and prepared -- first ball.

Gasoline prices are still too high for even though they come down recently they're still too high and we don't have any slack in this economy so this thing would be kicking our economy.

At a time well maybe we're not circling the drain where we're standing on the -- to the -- And so I I don't think consumers right now can afford the increase -- they gasoline prices nor can they afford.

The economic -- that they were taken that region rebuilding at a time again where things are very difficult in the first place.

-- -- -- I am not Jim had it right and many just kept talking and -- -- a rock unfortunately look guy.

The the East Coast the area that the might be hit by the hurricane has about 6% of the refining capacity.

Put a little -- sure you'll see a little spike in prices but.

I think what Jim was talking about is we've been through this before multiple times her Hurricane Katrina Hugo etc.

etc.

the snow -- get in that hit the East Coast each of these times.

People thought oh my gosh this is -- you know -- -- are gonna spike they do spike for a little bit 2448.

Hours and then they come back to where they were before.

John yes you have any concerns about does I -- hurricane -- when -- that hit -- -- the biggest one -- -- gas prices an eighteen month in this case no because the -- one -- last year -- my house in Connecticut I couldn't drive anywhere for a few -- because -- -- -- -- trees down all around the place and literally your mobility goes down to the point -- fuel consumption will drop as much as refining capacity -- just frankly just -- the refinery.

Because you can't get too worked up his major power our -- no power for a week last time you're not consuming energy when you can't turn on the power when you can get to work in your car so.

Still be a proportions is a good thing but it won't keep the gas prices going bananas in the first place.

Steve -- -- the East Coast does provide about 66 and a half percent of the -- that the US uses that's kind of could be -- -- Now I don't think it's going to be a very big hit so look -- prices may well go up.

Even if just one -- ball that one refinery gets knocked out because they rise and fall.

Based on expectation of demand and supply not the reality so they could go up a little bit we could have a big one day job.

They'll correct and a couple weeks and people won't be driving in this mess and they shouldn't be to stay home be safe and don't worry about yes -- -- -- -- -- -- -- Well I'm looking to those nasty ugly speculators.

Because there's a futures market and gasoline.

If the people who know the business best.

But the deaths is get knocked out there's going to be huge super spike you -- the futures on our -- gasoline go up accordingly we have not seen that -- not to say that we could not have a disaster you're not I don't know we've board.

But it would have to be quite a disaster to have lasting effect as my learned colleagues to -- things that's --

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