Cleanup Preparations Being Made for Sandy
As the East Coast braced for Sandy — the superstorm that was downgraded from a hurricane to a post-tropical cyclone late Monday, as its sustained winds dropped from 90 miles per hour to 85-mph — crews readied to assess and cleanup any damage, Clean Harbors CEO Alan McKim said Monday.
"We do have crews ready to go, working with oil companies with the utility industry out there to help them get service back on track once this storm passes and the event is over," Kim told Jim Cramer, host of CNBC's "Mad Money."
Major refineries shut Monday, as operators feared possible damage from abrupt power outages or flooding. Nearly 70 percent of the region's refining capacity was on track to be idled, including the Phillips 66 238,000-barrel per day Bayway refinery in New Jersey.
(Read More: Sandy to Rock the Oil Market: Traders.)
In 2005, Clean Harbors crews cleaned up several refineries that flooded as a result of Hurricanes Rita and Katrina, McKim said. If called upon, McKim said Clean Harbor crews will try to help the shuttered East Coast refineries back online, too.
"Our emergency response teams are ready to go and we have teams staged," McKim said.
Clean Harbors' shares, which have fallen 14 percent in the last 12 months, closed at $49.44 on the New York Stock Exchange on Friday. To Cramer, Clean Harbors' stock might be worth considering at current levels.
Read on for Sandy Could Wind Up Costing $10 Billion a Day
—Reuters contributed to this report