Today across pennsylvania, and ohio. With winds near 50miles an hour, it will head back to new york tate later tonight, the storm is getting weaker, forecasters warn sandy could bring heavy rain and flooding, sandy brought blizzard conditions to west virginia, and neighboring states like north carolina, with snowfall nearing 3 feet in some places, some worse damage in new jersey, sandy sent tidal rav tied waivee throughout wave surge throughout the night, jeff flock is joining us from Point Pleasant, new jersey, what are you seeing. Im just glad to see you again. Ive been worried watching you cover the storm. Reporter it started with you you gerri. Look at this street. Looking at this street, almost like a snowstorm but not going to melt, it is sand, if i dig far enough down, if i had a half hour i might not be able to dig all of the way down, some main that you arthoroughfares have bd already, people are going housetohouse, shutting down a gas, because that is till on power, is out. Going housetohouse, making sure they have not missed anyone, no fatalities but it of quite a ride last night, as i mentioned to you, i did get washed off the beach before we talked to you, but you know we live to tell about it, there is a lot of clean up to go. Governor is right, when he says this is going to be months not weeks. Gerri you sai said that high te is when we worry, what are you expecting . We should be okay, only hitch we have, there is a wash that is out here that brings more floodwater in. In other than that. That i that is a humvee going through it right now. And so the high tide brings water in there but other than that, i think were okay, were past the worst of it. But there is more clean up to go. Gerri a lot of clean up, jeff flock thank you, always great to see you, thank you for your brave reporting we appreciate your help thank you. Thank you. Gerri for more on the damage in new york, i am joined by republican condition man chris smith congressman chris smith who represents that very area, Point Pleasant in new jersey, as we talk well show video of the area close to your district, just south, seaside heights, this is the home of the jersey shore, we want to show these pictures of devastation. Look at this, these homes, sand all over the place. You will see some that are burned out and charred, you toured this area today, what did you see, what stood out to you. Well, i was in Point Pleasant today, and made my way down to del mar. It was similar, as your reporter pointed out with heavy sand, well inland, you know main that you ary thoroughfare, it went down several feet, homes were destroyed. People were walks by the hundred, they looked dazed. One man came out the governor chris christie, and said, i lost everything, but im alive. He said he was grateful. To be alive. You know, a great pollute in bullet in terms of human life being destroyed was averteed. It will take months, but with winter approaching we need to moratorium aggressively to make sure that homes get fixed. Gerri congressman, you know, just explain to our viewers, this is gold coast in new jersey, expensive Beautiful Homes in this area. You know seaside, it is an area that is covetted by so many people, how long do you think it will take to bring it back . Are you confident you will get support you need from state, and federal government challenge play a role federal government that will play a role. There is no doubt governor made it clear he is all in committed. And you know when it comes to the repair, you know congress has passed and i have supported, laws, including our fema legislation that to the best of our ability to tries to make whole. There is going to be needs for more loans for people to get their businesses back up and running. The most disturbing thing is the inability of people to make a living shortterm, because their business has been destroyed. If they were 100 reds of yards of hundreds of yards of the boardwalk, this is a beautiful area in and around the area appreciates, and see it destroyed, so completely, you know brings tearing ts tears to, even when people talk like i did about important of pla balance budget, there is always that caveat, we write into balance budget amendment, when there is is a national disaster, that takes precedent, we need to be fully onboard, in providing whatever resources are needed to make it whole. Gerri fema, hamstrung has a lot of debt, congressman, i hope you come back to and talk to us about it. I certainly hope that your family, and everyone close to you is safe tonight, thank you for your help. Thank you. Gerri all right meanwhile story goes o8 Million People that i talked about earlier who are out of power con edison said power will be restored everywhere in manhattan and brooklyn within 4 days. It could be a week for others like westchester county, there are more than 8 Million People most cities are not that beg. Big with no power, 2 million in new york, pennsylvania with more than a million in the dark, hundreds of thousands without power in connecticut, ohio and massachusets, for more on effort to get lights back on, i am owned by david owens, thank you. Appreciate your time, we used the number of 8 million for the region, does that sound right to you. 8 million at the peak of the storm is right, but, service has been restored to roughly 20 of the customers, that have been impacted by the storm. Effort on part of electric industry. Were bringing in crews from as far west as washington state, and california, far north as canada. We have strong commitment on the part of all aspects of the industry not just privately owns but also publicly owned, tremendous partnership to get the lights back on. Gerri how do you get those people here . It seems there are a lot of areas clamoring for asis tance. Do they drive in . They cant fly in. Yes, many have to drive, we have bucket trucks they drive them, we need to expedite their ability to get from state to state by removing red tape. I might point out we really do appreciate the strong support we have gotten from the federal government and state government, as i was preparing to join you, we had a very impressive call with our president of the United States who committed to the industry, recognize severity of storm made a strong commitment to help us remove the barriers to move workers from west coast to east coast as well as did he give you money . He offered some assistance, for example in new york, and new jersey, there has been flooding, some underground facilities have been flooded. So we need to pump the water out, core of engineers can be a tremendous asset to us in removing that water to survey the restoration effort. Gerri we showed pictures of fellows already out working and neighborhoods trying to restore power. And we said that power will be restored in the city itself in about 4 days, and regional areas in a week, is that on target. How long it will take, there are millions as we said who are awaiting their lights to come on. First we have to clear the roads, have to clear the trees that have fallen on power lines, and remove the water, we can assess the damage, we believe that will take two days, then the ree restoration efforts, wee personal comes from across the u. S. Gerri how many people total . Right now, were working on 53,000 people that are working to restore electric device to the areas that have been impacted. Gerri one final question, it is interesting, in some ways the fact that cables underground have not been a help for some communities, why is that . Unfortunately we had the surges, 10 to 12foot, water got underground and destroyed our substation, we had to pump the water out, and replace those destroyed that takes time. Gerri it is amazing, david thank you, for coming on and talking about what has been going on, everyone i know in our building is trying to get pow or in their neighborhood. We hope you can restore it soon. Thank you. Gerri all right, the Superstorm Sandy hurt our already struggling economy . Storm the cost about 20 billion in damage. Some predict 30 billion. In last Business Activity for more joining me now maryland economist, peter morici. Welcome back, you had a number i saw nowhere else in estimates total costs, of this storm, you said 35 to 45 billiondollars, how do you get there . We will have about 20 million in property loss. Initial estimates are 5 to 10, for irene they were 7, but irene was closer to 20, i think they will be as bad. But now, look at all stores that are closed, flights that have not gone out, hotels and businesses onshore and new york city that are down for 4 days, that is a loss of income. That is 20 billion that gets me to 40. Gerri wow, okay that makes sense. People underestimate the costs. I read new york city alone is an economy with 4 billion that pumps out 4 billion every day, times 5 is 20 billion, not just damage you repair. It is also the loss of productivity, workdays, loss payroll, it could be far more devastating than weve been talking babout, you also said, in short term painful but longer term we get a bunch of federal dollars that will pump energy into the economy. Absolutely, if we have 20 billion in Property Damage we spend more than that rebuilding, we always do, on the shore property so valuable, they will build bigger homes and businesses. Obsolete capital will be replaced by modern capital. Wed get multiplier effect, you spend a dollar on infrastructure, you get a dollar 80 in gdp from additional spending. I think by the time this is all done, the affect to go, dp will be to dr depress it immediately, but down the road a little bit positive. What kind of impact to national gdp do you think this storm could have shortterm and longterm . Shortterm, we could loss 20 to 30 billiondollars, and longterm we could pick up net basis, maybe 30 to 40, we net about 10 additional billion dollars. Gerri all right eter mr. Ricci if you. Thank you. All right. A lot more to come, in including whether well see higher gas prices. In the wake of super storm sandy, and some estimates have different trut destruction fm storm near 50 billion, i break down how the costs of sandy just keep on piling up, stay with us. [ male announcer ] how do you engineer a true automotive breakthrough . You give it bold new styling, unsurpassed luxury and neay 1,000 improvements. Introducing the redesigned 2013 glk. See your authorized mercedesbenz dealer for exceptional offers through mercedesbenz finaial services. Gerri what was Hurricane Sandy is now a posttropical cyclone, moving to pennsylvania, the ohio valley and the great lakes with less force. The job of rebuilding will be huge. In new york city borough of queens, a fire destroyed 80 homes, terrible. In manhattan a crane, partially collapsed. Dangling over the streets scaring a lot of people, new Jersey Governor Chris Christie said there was damage to each and every new Jersey Transit line, and commuter trains would not resume service for 7 to 10 days, Atlantic City is under water, southern tip of manhattan submerged. So far, expert say that sandy could cost region 10 billion in insure damages and 20 in economic cost, once you factor in uninsured liabilities, that may well understate the problem. Analyst say that iphone 5 would add a quarter to half to go, dp, if the phone could move a needle, dont you believe that a once in a haventry storm century storm could do the thing, how about the clerks and tellers who stayed home, Companies Large and small sent workers home. General motors was one. And airlines canceled total more than 18,000 flights, that is according to flight aware. Just minutes ago, about half of the level of hurricane irene, the cost of the storm, was 40 million in revenue are in unitedcontinental, 15 million in profits for delta air. And Global Business traveler, estimate that a big storm like sandy cost airline, amtrak, rental Car Companies hotel dollars 700 million, then the shipper, sea ports from virginia to boston in middle of freight transportation peak Holiday Shipping seen, sandy slammed in largest rail operator, shut lines all along east coast, of course, this will hit retail sales too. With storm at tail end of halloween shopping season it could shave 3 from samestore sales for november, new york city, is a hub of corporate headquarters, in banking to media, retail, local economy generates 4 billion a day. That is a 20 billion economy over a week. Now to be sure name packs are huge, the impacts are huge, and shortterm will clip economy growth by maybe. 10 of a percent by a half . There is a lot of rebuilding to do. Coming up, 70 of east coast refineries shut down. Impacting 10 of the nations oil, what does that mean for gas prices . Details next. Stay with us. 0t[h7 gerri the Silver Lining may be lower gas prices, why there may the not be too much pain at the pumps, next. Gerri the majority ofest on coast refineries are getting back to line. Two refineries in new jersey remain would power tonight after being flooded. There they are. For more on the storm impact. I am joined by former Shell Oil President , john hofmeister, thank you for joining us. 6 refineries, operating at reduced want it, not full. Two are off line. Because they suffered flooding and they lost power, what is your concern here . I think it is the safety of the infrastructure. More broadly than just refineries. It is good if the refineries were not that badly damaged. It worries me if they were flooded it may require the replacement of a lot of electricals in new york area, new england, and Midatlantic States a lot supply comes from out of the country, how is the infrastructure at ports, have we checked out what damage has been done port with the sea surge as we saw it. Gerri let me interrupt. You talk about refineries and ports two different things, you also say there could be a problem with distribution and Retail Service stations, tell us about that. That is the biggest worry of all, there is an inventory of finished product available, about 4 weeks, if refineries can get up and running is great, but getting it distributed from retail gas pump to the car, takes electricity. And with so many people suffering from electricity outages, if the if they cant buy gasoline, they have to go back and forth on store, you will not have mass transit for a while, there will be a huge pull on gasoline inventory, but if only a few stations have electricity you will have gas lines galore, that will drive price spiking in the region. People better, get ready to wait for gasoline, until the electricity is restored. Gerri you know, there was a lot of speculation that everyone would stay home in the wake of the storm am am. I think that demand for gas will be there right away people try to make improvement. And fix damages and go to home depot and buy the equipment to make things right. Do you think demand will slacken or pick up. It will increase, in first instance, merg emergency respons will drink diesel oil like water, they are not shutting off their engines, working 24 7, then people worried about finding gas, they want to top up their tanks. People get insecure, we know from texas, louisiana, alabama, and florida, people want to go out and get gas just in case. There will not be supply to back it up, you could drain the inventory quickly by having people accelerate their purchasing where they can. Gerri you said, before that we could see a 20cent or 40cent per gallon price spike, do you see shortages . Do you see other people tapping other peoples gas tanks . I think with the electricity out, if is a week to two weeks, it could well be in the worst areas, that affects retail stations, so where will people get their gas . Maybe some of thees go station owners are wired for generate ores that would help a lot. But if you have a few stations opened, they get drained, and depots where they fill up tank trucks, do they have electricity if people form gas lines, they stop behaving kindly to one another. Gerri i noticed that too. Look thank you for coming on tonight, well be in touch with you. We have to follow the story, it is just, amazing thank you a bunch. You bet. Gerri still to come, sandys Economic Impact could be felt for some time, airport struggled to return to normal operation, and next president obama cancels a Third Straight day of campaigning because of sandy, how will the superstorm impact elect, will election day be postponed . Dont go away. Follow the wings. Gerri its one week until the election, or is it . Talk of delaying the election growing, as state and federal officials get better idea of the havoc to sandy brought on the east coast. Peter is, moving the election a possibility. It is not federal law sets date for president s election, and only congress can change that law, it is not changing it in the next week. But the law does give states some leeway, in maybe moving votvoting days adding election days, make up election days in cases of emergencies like hurricanes. New Jersey Governor Chris Christie said his secretary of state, was talking with other east coast secretaries about developing contingency plans for election day, depending on how power situation we assume g no announcements on any of that, and the governor, he was a little busy with other problems. I dont give a dam about election day, it does not matter a lick to me at the moment, i have much bigger fish to fry, so do people of state of new jersey, so, lets politicians on the ballot worry about election day, it is not my problem, i am not going to deal with it at the moment. Reporter we were looking for a great reason to run the sound bite, federal law said if a state fails it deliver its elect fors for president on time, they may be appointed on a subsequent day in such a manner as legislator of such state may direct. We found 7 states, that have passed laws that appear to dress this. Three of them have been hit by Hurricane Sandy. New york, maryland, and north carolina,. Gerri peter thank you. I guess well see. Well, not only is the superstorm putting election day in harms way it has put president ial campaign on pause. Is president obama gaining political advantage by being in front of the storm . So, welcome to you both, i to start with something else. Sound we got in mayor bloomberg in new york city, sounds likely is disinviting the president to new york. Listen to this. We would love to ha