Sandy could spell serious oil disaster - Houston weather, traffic, news | FOX 26 | MyFoxHouston

Sandy could spell serious oil disaster

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HOUSTON (FOX 26) -

We wanted to understand how Sandy will impact the nation's energy supply, so we went to the experts.

Owners of the six biggest refineries in the northeast shut down or scaled back production because of Sandy.  There is no word on when those refineries will reopen.

Former Shell Oil CEO John Hofmeister told FOX 26 if the storm damages the refineries, we are in trouble.

Monday, oil prices fell about one percent today as it appeared the massive storm would reduce demand, but Hofmeister said that could quickly change.

According to AAA, gas prices fell a half-penny from Sunday to a national average of $3.45 a gallon.

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