A Bright Side Of Hurricane Sandy For You
by Rahny Taylor
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posted Nov 1 2012 7:16AM
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I feel bad saying this, but there could actually be a bright side to Hurricane Sandy.
According to oil analysts, Superstorm 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 [Gas] could be $3 by next week.
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