East Coast Fuel Shortages | VideoAlex Hagan | 11/1/2012
There are lines just to fill up gas containers where Sandy hit. The question is, how are the fuel shortages in the eastern region going to impact North Dakota? The answer might surprise you.
Gas is in high demand everywhere, but areas that Hurricane Sandy devastated are in short supply. Lines are forming just to fill up containers of fuel. Drivers here in North Dakota are worried that the shortage in the East could impact prices here.
"It`s scary, I hope it doesn`t. I know everything affects it you know every little bit of it. It affects people and everywhere not only North Dakota," said Bismarck resident Ines Rasidovic.
"I just hope it never happens here, that would be terrible. We don`t have to line up here as you can see here and the prices are coming down," said Bismarck resident Duane Phillips.
Investment analysts say the reason for low supply is because it is hard to get gas to stations with damaged roads and pumps.
"Nine refineries on the East Coast, only two are offline. It`s just a matter of getting gasoline to the areas that needs to be," said Heartland Investor Services President Eugene Graner.
However Graner says that the fuel shortage on the East Coast won`t be impacting North Dakota.
"We are with a Center Region, we are not in the region of the East Coast where we share gasoline."
Graner says that the fuel shortage could actually impact North Dakota positively in terms of gas prices. He says gas prices could go down because Bakken oil prices have dropped and it`s not being sent to the East Coast right now.
"Adding more Bakken oil at lower prices helps soften the price of gasoline."
For drivers here, that`s good news.
"It would be great not to spend $70 everywhere I go to fill up my jeep, so it would be nice," said Bismarck resident Toby Kuhn.
Gas prices have gone down 30 cents since September highs and the futures market indicates another 15 to 20 cents decline.
Graner also says Hurrican Katrina had more of an impact on North Dakota because Gulf Coast refineries are a major contributor to the states gas supply unlike the case with Hurricane Sandy. Alan/Monica.