East Coast prepares for Hurricane Sandy

Ocean City Mayor Rick Meehan hasn't ordered an evacuation yet, but wants everyone ready just in case. "We are telling people to get prepared, go through your checklist, make sure you have all your supplies," he told CBS News.

Sandy is expected to hit the most densely-populated area in the U.S. Sixty-four million people, about one in five Americans - potentially lie in the storm's path. Last year Hurricane Irene caused a loss of power for more than 6 million households in this region. This time even more could be left in the dark.

"When you're facing 50-60-mile winds with all the leaves still on the trees and a soaking rain for a long period of time, we're going to see trees come [down]," said PSE&G President Ralph LaRossa.

Up and down the Eastern seaboard more than 20,000 utility workers are standing by to turn the power back on.

Five refineries along the threatened East Coast - that produce seven percent of the nation's gasoline - are expected to suspend operations as early as Sunday. That could put upward pressure on the price of gas.

The storm is even affecting the presidential campaign. Parts of three battleground states - North Carolina, Virginia, and Ohio - are directly in Sandy's path. Vice President Joe Biden already canceled an event that was scheduled for this morning in Virginia, and Mitt Romney cancelled a rally scheduled in Virginia tomorrow. Both campaigns are also worried that the storm could hurt affect early voting in those battleground states.