Tired of Long Lines? Even When Power Returns, Gas May Not
The miles-long lines at gas stations in the greater New York area will likely continue for days because even when power returns to fueling stations, there may be very little gas left at the pump, a gas station lobbyist told CNBC Friday.
As vice president of the National Association of Convenience Stores, John Eichberger represents roughly 80 percent of the U.S.'s retail gas stations. Four days after superstorm Sandy savaged the Northeast, many stations remained closed because of a lack of fuel, a lack of power to pump it or both. Speaking on CNBC's "Fast Money Halftime Report," Eichberger said some stations will immediately be able to start pumping gas when the power returns, though.
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"Provided they have gas in the ground and provided they have no other damage from the storm, they should be able to start pumping immediately. The challenge becomes we had a run on fuel supplies before the storm hit," Eichberger said, adding some fueling station owners reported up to a 200 percent increase in fuel sales in the days before Sandy made landfall. "Those stations that have not been able to resupply, once they get power, they are likely going to have lower than normal inventories. It takes a while to get inventory back to those stores."