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CNBC: Gas Shortages, Long Lines Adding to Storm's Misery

posted Oct 31, 2012, 12:50 PM by Prep Experts
Gasoline futures jumped as cranky consumers on the East Coast—already stressed by the wrath of Superstorm Sandy—joined long lines at the pump to fill up cars and gas cans to fuel home generators, causing shortages in some areas.
Though retail gasoline prices were steady or dropping at the pump through Tuesday, they could start to spike in hard-hit areas of the storm, particularly the New York metropolitan region.
Shortages were already affecting all types of stations. In New Hyde Park on Long Island, N.Y., CNBC found several stations already out of fuel, while two others in the center of town were dealing with huge lines and thin patience.
“The price spike will last several days, probably as long as a week, and then it will depend on whether or not some of the key facilities get back on line, like the ports and the Colonial Pipeline,” said John Kilduff of Again Capital. “The ports are open but there are severe restrictions on navigation.”