• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 51 mins Would bashing China solve all the problems of the United States
  • 11 mins Model 3 cheaper to buy than BMW 3 series.
  • 1 hour Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 20 mins Pompeo's Hong Kong
  • 11 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 1 day China to Impose Dictatorship on Hong Kong
  • 1 hour Thugs in Trumpistan
  • 5 hours China’s Oil Thirst Draws an Armada of Tankers
  • 11 mins Income report showing potential future spending and economic growth
  • 7 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 2 days Iran's first oil tanker has arrived near Venezuela
  • 1 hour US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 2 days Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 2 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 1 day 60 mph electric mopeds
A Nightmare Scenario For Offshore Oil

A Nightmare Scenario For Offshore Oil

The offshore oil industry is…

Hurricane Sandy will Actually Lower Gas Prices for Most of the US

Hurricane Sandy, dubbed as the worst storm for a thousand years, has destroyed much of the East Coast of the US, and could also cause a huge drop in gasoline prices around the country.

Tom Kloza, an oil analyst at Oil Price Information Services, has estimated that gasoline could rise in certain parts of the country, namely the East Coast where refineries have been off-lined by the storm, but that the majority of states in the US will actually experience lower prices due to the drop in demand.

“My guess,” he told CNBC, “is that we’ll have 20 to 25 states that will have prices below where they were a year ago. It could be in the $3.40s (a gallon) by next week. There’s a huge swathe of the country that’s going to be getting closer to $3.”

According to the AAA Fuel Guage Report, gas prices in Houston have fallen 9 cents over the past week to $3.31 a gallon, with the Texas average having fallen 10 cents to the same level.

Due to the reduction in refinery output, and the limited transportation of gasoline tankers on the road, residents around the North East will find gasoline stations emptying quickly.

Kloza said that he “expects lots of ‘no gas’ signs and little price movement until logistics can catch up with downstream markets.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News