Gas pump prices fall in wake of Sandy

Posted: Tue 11:16 AM, Oct 30, 2012

NEW YORK (AP) -- The price of gasoline is still falling after Hurricane Sandy left a wide swath of flooding, power outages and disrupted transportation in the eastern U.S.

The national average for a gallon of regular fell by about a penny on Tuesday, to $3.53. That's more than 11 cents lower than a week ago. The futures price of gasoline fell a penny to $2.63.

Major refineries in the East have shut down or reduced operations until the huge storm passes. But with many roads impassable, drivers won't be filling up as much, which should slow demand.

Also, crude imports could be reduced until East Coast ports recover.

Concerns about oil supplies helped push the price of benchmark crude up 55 cents to $86.09 a barrel in New York.

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