Hurricane Sandy could send gas prices up

(CBS News) Hurricane Sandy is on track to hit the East Coast early next week and along with growing weather-related concerns about the so-called "Frankenstorm," analysts warn that gas price may increase as a result of Sandy's landfall.

CBS News business and economics correspondent Rebecca Jarvis reports that Hurricane Sandycould shut down production and close off supply coming out of the East Coast refineries, sending gas prices up. Another factor in a potential increase could be disruption to tanker traffic in the oil shipping channels around the East Coast.

Six-and-a-half percent -- or approximately 3.1 million barrels daily -- of the gasoline used in the United States is produced on the East Coast, home to five operation refineries -- in Delaware City, New Jersey, and Pennsylvania.

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