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At least 8 oil refineries are closed on the East Coast. Some are completely out of power and others have been flooded. Now only time will tell if gas prices will go up again because of this big storm.
We checked in to see how much of an impact this will have on gas production. At first experts were predicting that prices for gas would spike, now they're saying Storm Sandy hasn't been an issue. The Oil Price Information Service experts say since there's not a lot of demand for gas over on the East Coast the prices should continue to drop.
Right now there's not a lot of people driving around because many of the roads over on the East Coast have been destroyed by Sandy. Refineries on the East Coast have either halted or significantly reduced production because of the storm.
The national average for gas prices fell this week by about a penny to $3.53. To put that into perspective that's about $.11 lower than a week ago. The major reefineries on the East Coast represent about .08% percent of the total gas produced out of the U.S.
Analysts say the gas prices will only go up if there's extensive damage to the refineries that takes a long time to repair.
