Gas prices drop due mostly to the devastating Superstorm Sandy and re-elected president Barack Obama is doing everything he can to help the victims of Sandy. The overall average U.S. price for a gallon of regular gasoline took a major drop since 2008 in the past two weeks. This is partly due to the lower rudimentary oil prices and Hurricane Sandy. Gasoline prices averaged slightly over $3.54 per gallon Friday and then down 20.75 cents from Oct. 19 when drivers were paying $3.75 at the pump.
Finding it Difficult to Travel in NY, NJ, and CT
Although numerous people had waited in line for gasoline for hours after Sandy demolished much of the Northeast coast, the storm played a share in the price decline because several consumers were not able to travel as a result. While demand seemed to be awfully high for gasoline after the storm, purchases were down because many people traveling in NY, CT, and NJ found it impossible to get around and had to stay put.
However, supply scarcities were not causing a boost in the average price of gasoline. It could have been the worry among retailers that they would have been accused or indicted for price gouging if they had raised prices due to Sandy. It will be a long and hard recovery for infrastructure, but as Obama proved in helping Gov. Christie in New Jersey, there can and will be help and turnaround for those that live or are traveling in CT and the tri-state area in the near future.