Gas prices rise and could shoot up higher - WNEM TV 5

Gas prices rise and could shoot up higher

Posted: Updated:
SAGINAW COUNTY, MI (WNEM/AP) -

With Hurricane Sandy set to wreak havoc on the East Coast, gas prices are shooting up as a result.

Prices at the pump jumped up to over $3.50 a gallon over the weekend, and prices could go even higher if the wicked weather causes damage to refineries.

Hurricane Sandy is set to merge with two other storm systems, and that super storm could leave a path of destruction stretching more than 800 miles.

Oil refineries on the East Coast of the U.S. are shutting down or throttling back in advance of the massive storm.

A Philadelphia refinery that is the biggest on the East Coast was scaling back. And the second-biggest East Coast refinery, a Phillips 66 operation in Linden, N.J., is shut down.

Oil prices have not moved much. They're down 30 cents to $85.98 in morning trading on the New York Mercantile Exchange.

Traders are balancing two big risks. One is that the storm will damage refineries, , which normally would drive up gasoline prices. But, businesses are shutting down and people are staying home, which would reduce gasoline demand -- and prices.

Most prices at the pump were averaging around $3.50 a gallon in Mid-Michigan but just yesterday, the BP station on State St. in Saginaw was selling for $3.27 a gallon.

According to gasbuddy.com,  the cheapest gas in Bay City is being reported at the Speedway on Wilder Rd. at $3.54 a gallon.

In Flint, the cheapest gas is at the Citgo on Vienna Rd. at $3.27 a gallon.

In Midland, the cheapest price for a gallon of gas is at the Marathon on Eastman Rd. at $3.55.

Copyright 2012 WNEM (Meredith Corporation).  The Associated Press contributed to this report. All rights reserved.

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