Just as Americans were beginning to feel a bit of relief at the pump, Hurricane Sandy could cause gas prices to creep back up again.
Experts warn that the powerful storm, which could seriously impact the U.S. East Coast next week, may close off the supply and stop production of oil coming from East Coast refineries, causing gas prices to go up, according to research firm Seeking Alpha.
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CBS News reported that 6.5 percent of the gasoline Americans use is produced on the East Coast.
The threat comes just as average nationwide gas prices fell below $3.60 yesterday, Bloomberg Businessweek reported. According to the AAA, prices at the pump have declined every day since Oct. 8.
In August, Americans saw the biggest one-day jump in prices at the pump in 18 months after Hurricane Isaac hit the Gulf Coast forcing some refineries to shut down. All summer, drivers paid record-high gas prices, with the national average for the season peaking on Sept. 14 at $3.87. Californians were among the hardest hit with prices reaching a record-high $4.67 per gallon on Oct. 7.
Meteorologists predict Hurricane Sandy could cause $1 billion in damages, CBS News reported. The hurricane, dubbed "Frankenstorm," could also leave thousands of coastal residents without power early next week depending on the trajectory of the storm.
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