Oil prices continue to rise in the U.S., reaching $87.06 per barrel in New York as a result of refineries left without power and supply terminals that are cut off due to Superstorm Sandy, The Washington Post reported.
Many service stations are also closed because they are without power or cannot get gasoline delivered, the article stated. The gas stations that are open are experiencing long lines of motorists looking to fill up their vehicles. The limited imports of oil to the United States are also adding to the supply problems.
Reuters reported large oil tankers were barred from entering New York Harbor as of November 1, which serves as a major point of entry for the East Coast, bringing in nearly 1 million barrels per day of fuel.
The oil market was focusing on the recovery of a refinery in Linden, New Jersey, which is expected to resume operations sometime during the first full week of November, at the earliest. Flooding from the storm caused electrical equipment damage, according to the source.