Gas stations coming back online post-Sandy

John Cerone fills his gas containers at a Valero gas station in the aftermath of Superstorm Sandy, on November 5, 2012, in Mastic, New York.

NEW YORK (CNNMoney) -- Gas stations in the New York metro area are gradually coming back online, providing hope to motorists and also those who are still without power from last week's Superstorm Sandy.

The U.S. Energy Information Administration said Monday that 24% of gas stations in the metro area did not have gasoline available for sale, one week after the deadly storm swept through the Northeast on Oct. 29.

That's compared to 27% of gas stations that were unavailable on Sunday and 67% on Friday.

Related: Gas lines continue after Superstorm Sandy

Long lines of cars have become a common sight at gas stations in New York City and New Jersey. Pedestrians holding gas cans are also queuing up, seeking fuel for the generators powering their homes.

Shipping problems at the ports, as well as traffic jams resulting from the loss of mass transit, have fouled up supply lines in the wake of the storm. In addition, many gas stations lost power during Sandy, and with it the ability to pump gas.

First Published: November 5, 2012: 5:34 PM ET

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Gas sells on Craigslist post-Sandy, at a price

Staten Island residents stand in line for fuel at a gas station on November 2, 2012, in the Staten Island borough of New York City.

NEW YORK (CNNMoney) -- Drivers tired of braving hours-long lines at gas stations in the aftermath of last week's storm have an unlikely alternative: Craigslist.

Sellers have emerged in droves on the classified ad site in recent days, offering a black-market alternative to mobbed gas stations in New York and New Jersey.

"Why wait 5 hours for gas?" asked one seller in Brooklyn, who claimed to have "a couple of extra gallons" available for $15 each.

The gas shortage emerged last week as traffic jams, shuttered ports and power outages left many gas stations nonoperational following Superstorm Sandy. Consumers have waited in lines stretching for miles as they seek gas to fuel their vehicles or power generators.

Amid the chaos, attorneys general in New York and New Jersey have warned sellers against excessive price gouging, which is illegal in both states. The officials say they've received hundreds of complaints about high prices for gas and other essentials in the aftermath of the storm, and have vowed to investigate.

"We will do everything we can to stop unscrupulous businesses or individuals from taking advantage of New Yorkers trying to rebuild their lives," New York Attorney General Eric Schneiderman said Monday. "There are always people who show up when there's a crisis to take advantage of victims of a disaster."

Prices advertised on Craigslist Monday afternoon were as high as $30 a gallon. With regular gasoline selling for an average of $3.96 a gallon in New York and $3.62 in New Jersey, according to AAA, many who go the black-market route are paying a significant premium.

Aside from price-gouging laws, freelance fuel vendors could also run into trouble for failing to pay sales taxes. But in spite of these legal issues, some drivers may be happy to secure fuel even at an increased price.

"Everybody is so appreciative that they can even get gas," said Ryan, 28, a New Yorker who was offering gas for $18 a gallon on Craigslist Monday and declined to give his last name. He said he'd been delivering gas from his truck after a friend transported it into the city from upstate New York, and had been earning between $250 and $300 a day.

"I'm just charging for delivery," he said. "I think if you can wait in a gas line, you should do it, but some people don't want to wait. Some people don't have time to wait."

First Published: November 5, 2012: 6:57 PM ET

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Suzuki to stop U.S. auto sales, exit market

Suzuki was facing multiple challenges in the U.S., including unfavorable currency exchange rates.

HONG KONG (CNNMoney) -- Japan-based Suzuki said Tuesday that it was closing its American auto distributor and exiting the U.S. car market.

The company's U.S. arm, American Suzuki Motor Corp., will file for Chapter 11 bankruptcy protection in California. The company said it would wind down auto sales, but did not provide a timetable.

American Suzuki said it would honor all warranties, and indicated that parts and service should continue uninterrupted.

The automaker was facing multiple challenges in the United States, including unfavorable exchange rates and a small lineup of models. The company, which managed to capture only a tiny sliver of the U.S. market, also cited slow sales as a reason for the exit.

"While the decision to discontinue new automobile sales in the U.S. was difficult to make, today's actions were inevitable under these circumstances," the company said.

The brand is perhaps best known for its Sidekick SUV, a pioneering design later followed by other automakers. American Suzuki is $346 million in debt, $173 million of which is owed to the parent company. The distributor has between 500 and 1,000 creditors, according to court documents.

American Suzuki said it plans to emerge from bankruptcy as a company focused on selling ATVs, motorcycles and outboard marine engines. The company said it remains "firmly committed" to those product lines.

"These divisions are competitively positioned in their respective markets, allowing for long-term growth as economic conditions improve," the company said.

American Suzuki -- based in Brea, Calif. -- had 365 employees as of last count.

First Published: November 5, 2012: 11:28 PM ET

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Behind the gas panic: One expert explains

Superstorm Sandy has sparked a gas panic in the North East. This Seaford, N.Y. station had one line for cars and one for walkers with containers on Friday, Nov. 2.

WASHINGTON (CNNMoney) -- Superstorm Sandy has left a gasoline panic in its wake.

The storm had barely left the Northeast last week, when a frightening sight became common in New Jersey, New York and Connecticut -- dozens of shivering people standing in lines with jerry cans for gasoline to power up their darkened homes with generators, and cars stretching out miles deep, some waiting four hours to fill up.

Conjuring up images of the 1970s oil crisis, the lines spilled on to bridges and highways, as police officers secured some stations and directed traffic to keep peace. In New Jersey, stations in 12 counties are rationing gas, tying access to license plate numbers.

Amid this chaos, it's hard to believe that there's actually no gas shortage, as one well-known oil and gas expert explained to CNNMoney. Rather it's fear and panic that has gripped residents from these states.

Such behavior is actually common after large storms -- long gas lines plagued South Florida in the days after Hurricane Wilma, and were widespread in the Gulf Coast after Hurricanes Katrina and Rita, all storms that hit the nation in 2005.

CNNMoney caught up with Tom Kloza, chief analyst at the Oil Price Information Service, to explain the phenomena. Kloza says the panic has been fueled by social media, which has led to the equivalent of flash mobs at gas stations. He expects the panic to subside this coming week because millions of gallons of gasoline are waiting underground and will start flowing once power is restored.

Here are edited excerpts from the conversation.

Why are the gas lines so long?

Why do people rush the exits at a European soccer game? Why do people behave irrationally at times? Because of fear and panic. What might otherwise be just an annoyance turns into a momentary crisis, because everyone starts to top off their tanks when they believe there is an underlying gasoline shortage.

So, there's no energy crisis?

This is really a crisis of crowds. You can imagine, when everyone automatically assumes, "I better get gas today -- I'm going to top off my tank," you have behavior like the '70s. This is the not the '70s. Richard Nixon is not president. We're not wearing bell bottoms. We're not listening to eight tracks. Hopefully, we're not on acid trips. We're looking at something that's going to be resolved in a few days, despite all the madness of crowds.

What's different with this gas panic?

In this case, social media has created the equivalent at flash mobs at various stations. People are saying: "Oh, I hear the Hess station has gasoline." The word spreads. And boom -- the crowd goes there.

So, there's actually enough gas?

There's actually plenty of gasoline in the New York harbor area. And all the big storage tanks along the Jersey turnpike, plenty of those are filled with gas. The problem is, without electricity these facilities can't open, and it's very difficult to access the fuel. You see lines after a storm, because people perceive there's no gasoline, when in fact, it's a question of access.

The gas supply is there, it's either underground at stations that have yet to have electricity back on or in New York harbor, in terminals, but one needs electricity to access those terminals.

Related: Gas shortage continues in areas hit by Sandy

How much gasoline is out there?

Some of these bulk storage tanks have 250,000 barrels or 10 million gallons. Plus, the refineries in Texas and Louisiana continue to pump fuel up this way. The refineries on the Delaware River never lost power and continue to pump fuel. We lost about 300,000 barrels a day from refineries in the Linden, New Jersey area, but that's about 1/50th of the current U.S. supply.

Part of the reason it's going slowly is: You want to make sure everything is safe and secure and that you don't have the possibility for leaks.

When will these long lines end?

If we had normal demand, and we didn't have the panic out there, I'd suggest it would be in a few days. I still think that after the election this week, from Wednesday on, it'll gradually be restored to normal. It's moving from the South to the North. South Jersey is already getting better and some of the panic is easing.

Will we see a hike in gas prices?

In New Jersey and New York, the price is essentially staying the same right now.

U.S. refineries are making plenty of fuel and the price of crude is cheap. Prices will actually be lower a week from now. In the next week or two, prices will drop to about $2.99 a gallon gasoline in many parts of the country. This morning the price nationally was $3.47 a gallon.

First Published: November 4, 2012: 12:40 PM ET

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Brooklyn restaurants and bars boom post-Sandy

Wings and grilled cheese were all that was left by 9 p.m. Wednesday at Pork Slope, a roadhouse-inspired bar and restaurant.

NEW YORK (CNNMoney) -- It was one of The Gate's busiest Tuesdays since the Brooklyn bar opened 15 years ago.

It happened the day after New York was slammed by Superstorm Sandy, the devastating storm that flooded the subway system and knocked off power for millions.

And yet as much of New York went dark and transportation ground to a halt, neighborhoods hummed to life at places where people could meet others and share stories: Bars, restaurants, coffee shops.

"It was like 9/11 in many ways," said Bobby Gagnon, who owns The Gate, a bar in New York's Park Slope neighborhood. "People who went through it really needed a place to go -- bars, churches ... they become community centers."

Sandy's small business victims: We don't want loans!

Regulars mixed with new faces, sales soared, and food and drinks started running out.

"Usually, we recognize about 60% of the people who come in here," said Gemma Redwood, who owns coffee shop Sit & Wonder along with her husband Lucien. "But this week it's been incredible how many new faces there have been."

Pork Slope, a roadhouse-inspired bar and restaurant in Park Slope, "became a weird safe haven for people," said Dale Talde, a co-owner. It opened four hours early for much of the week, which meant by the end of the night, food and drink options were limited.

"By 9 p.m. Wednesday, we were out of all our food except wings and grilled cheese," said Talde. "And by the end of the night, we'd even sold out of those."

"Whiskey, too!" said John Bush, another co-owner of Pork Slope. "The top shelf went first, and then down from there."

Many gas stations were closed and suppliers were reeling from the storm, which meant delivery trucks were delayed -- or unable to make it in at all. Pork Slope received about half their deliveries on Thursday, but were out of brisket -- a staple at the comfort-food joint -- until Friday.

Sit & Wonder's coffee is supplied by Portland, Ore.-coffee company Stumptown, which saw its East Coast roaster -- located in Red Hook, Brooklyn -- completely destroyed by flooding.

Many of the business owners live near their establishments, and some in apartments upstairs. This gave them an unusual advantage of being able to be agile in the midst of the storm's uncertainty.

Gagnon opened The Gate at 1 p.m. instead of 3 each day after the storm.

"People really didn't want to be at home," he said. "It was during the early part of the day that we could really feel the difference."

Brooklyn bar Crown Inn stayed open throughout the storm -- even Monday night as the hurricane raged.

"It was packed," said co-owner Zhenya Kampanets. "There was such camaraderie between people there. Everyone wanted to stick together and talk about it."

19 bags of rotting food, and a business at risk

Business spiked at the Brooklyn locales. Crown Inn was filled "wall to wall"; Sit & Wonder saw sales increase roughly 30% during the week.

It did leave some owners with a sense of "survivor's guilt" for doing well at a time when so many other businesses -- and lives -- were destroyed.

"It's a range of emotions," said Talde. "We were blessed to be in a portion unfazed by the storm, but then so many other restaurants were ruined. It's heartbreaking."

Gagnon is donating some of the profits from next week's events at The Gate to hurricane relief; the Redwoods partnered with Shambala Yoga -- another local business -- to bring donations to parts of Brooklyn that suffered significant damage.

First Published: November 4, 2012: 2:01 PM ET

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Economy central for China's new leadership

China is embarking on a once-per-decade leadership transition. The new crop of officials face tough questions on the economy.

HONG KONG (CNNMoney) -- China's ruling Communist Party is preparing to shuffle its top ranks, an opaque process that will affect the country's economy and stability for years to come.

The transition, set to start just two days after Americans go to the polls, will set a new cast for the powerful Politburo Standing Committee -- a small group of officials who will wield tremendous power over China's tightly-controlled economy for years to come.

That economy, the world's second largest, has sprinted to prominence over the past three decades with year after year of sustained 10% growth.

But China's economic growth has slowed recently. In the third quarter, the government reported GDP expansion of only 7.4%. The economy's performance, while not a disaster, was still the slowest quarterly growth posted in years and underscored concerns about the sustainability of Beijing's model.

At the heart of these concerns is a set of structural problems, all of which require reforms that the previous party leadership -- divided over policy -- was unable to complete.

China's economy is too reliant on investment, a trend that has distorted the country's housing market and placed great emphasis on exports.

While regulators have pursued some changes, the rules governing the country's equity markets make raising capital difficult for some businesses. State-owned enterprises, which dominate entire sectors of China's economy, are too frequently the recipients of favorable loans and treatment from the government.

There are other problems as well. Even though China has a growing middle class, income inequality is a concern. And the country's top leadership has been embarrassed by a recent wave of scandals involving graft, embezzlement and corruption.

The path forward, most analysts agree, requires China to move toward an economy in which consumption drives growth.

Increased domestic consumption would mean less reliance on direct government investment -- intervention that often distorts capital markets and rewards companies closely affiliated with the state.

China has been edging toward many of the necessary reforms. But even with the installation of a new executive leadership, movement may not immediately accelerate.

Debate: Is China a friend or foe?

"We are not expecting an abrupt shift in policy stance," analysts at Capital Economics wrote recently. Instead, because new leaders will largely reflect the interests and preferences of the previous group, adherence to the current incremental path is more likely.

Indeed, stability is likely to be the primary goal during the transition. Beijing changes out its leadership in this manner only once every ten years, and the turnover occurs at the regional and local levels of government as well.

"The new leadership will need a few years to consolidate power before they are able to initiate major policy changes," researchers at HSBC told clients in a recent note. "The outgoing leaders will probably maintain their political influence for a while."

Related: U.S. companies betting big in China

The labor market will be a particular focus for policymakers, according to HSBC. Even with weaker GDP growth, strength in employment data has allowed monetary and fiscal policymakers to remain measured in their response to the slowdown.

Still, much remains uncertain. The makeup of the next standing committee is a closely guarded secret. Xi Jinping, a chemical engineer with a prestigious pedigree, is likely to be tapped as the next party boss and president. But even after the committee is named, the deliberations that brought Xi to the top post will remain private.

"The transition itself has been absorbing significant amounts of energy," Capital Economics wrote. "There is a chance that policy reform gains fresh momentum once the transition is out of the way."

First Published: November 4, 2012: 9:10 PM ET

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Red Cross sees flurry of donations

NEW YORK (CNNMoney) -- In the days since Superstorm Sandy pummeled much of the Northeast with severe winds and torrential flooding, donations to the American Red Cross have been pouring in.

The agency received nearly $35 million through early Friday morning, said Karen Stecher, a Red Cross spokesperson. "The public has been generous," she said.

The Red Cross has been operating shelters and offering food, water and relief supplies to areas struck hard by Sandy. On Thursday night, it housed almost 6,800 people in nearly 100 Red Cross shelters across 8 states. The agency has delivered more than 852,000 ready-to-eat meals and snacks so far, and served more than 215,000 meals.

Donations for Sandy have already exceeded the $8 million given over the entire recovery period for Hurricane Isaac, which struck the Gulf Coast earlier this year, according to Neal Litvack, chief development officer at the Red Cross.

While the initial outpouring has been strong, the destruction has been huge. Helping the millions left without power and thousands temporarily lacking homes or food is likely to cost the agency "tens of millions" of dollars, said Litvack.

Related: Sandy's economic cost up to $50 billion

The Red Cross has received some big corporate donations in the wake of the storm. Companies that have pledged to give $1 million or more include: JPMorgan Chase (JPM, Fortune 500), Walt Disney (DIS, Fortune 500), News Corp (NWS)., Kohl's (KSS, Fortune 500), Morgan Stanley (MS, Fortune 500), Mercedes-Benz USA, and Enterprise Holdings Foundation.

As of midday Friday, businesses had contributed more than $38 million in cash and employee-matching or customer-matching programs to the Red Cross and other relief agencies, according to a tally from the U.S. Chamber of Commerce.

Meanwhile, performers including Bruce Springsteen, Jon Bon Jovi, Christina Aguilera and Billy Joel will use their star power to solicit Red Cross donations at a benefit concert hosted by NBC, airing Friday at 8 p.m. ET.

How to help

If you'd like to donate to the Red Cross online, go to www.redcross.org. You can also mail a check to: the American Red Cross, P.O. Box 37243, Washington, D.C., 20013. To donate by phone, call 1-800-RED-CROSS or give up to $10 by texting the word "REDCROSS" to 90999.

Visit CNN's Impact Your World for more information about the best ways to help hurricane victims, as well as how to volunteer for cleanup efforts.

First Published: November 2, 2012: 4:08 PM ET

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Sandy victims can get unemployment help

Workers left jobless by Hurricane Sandy may qualify for disaster relief payments.

NEW YORK (CNNMoney) -- Residents of three states pummeled by Hurricane Sandy could be eligible for disaster assistance payments if they lost their job due to the storm.

To qualify for the funds, people must be unemployed as a direct result of the storm and be ineligible for traditional unemployment benefits, according to the National Employment Law Project, an advocacy group. Residents of New York City and 14 counties in New York, New Jersey and Connecticut that were declared federal disaster areas are eligible.

One of the costliest disasters in the nation's history, Sandy could generate nearly $50 billion in losses, both from physical damage and lost business revenue, according to estimates.

Payments, which can last up to 26 weeks, range from $405 a week in New York to $648 in Connecticut. Recipients must show that for every week they collect DUA, their unemployment continues to be the direct result of the disaster, not other factors.

Hurricane Sandy could hit jobs in November

According to NELP, those who may be eligible for disaster relief and typically could not collect regular state unemployment benefits include:

--Self-employed people who lost their business or suffered a substantial interruption of activities as a direct result of a major disaster;

--Unemployed workers who have become the major supporter of their household due to the death of the head of their household directly related to the disaster;

--Workers unemployed due to an injury caused by the disaster;

--Workers who cannot reach their employment as a result of the disaster;

--People who were scheduled to start work but became unemployed because they no longer have a job due to the disaster.

First Published: November 2, 2012: 6:16 PM ET

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Earnings at Buffett's Berkshire jump 70%

Click the chart for more info.

NEW YORK (CNNMoney) -- Warren Buffett's Berkshire Hathaway reported third-quarter earnings Friday that surged more than 70% versus a year ago.

Net earnings came in at $3.9 billion, buoyed by investment gains and larger profits from the company's railroad business.

Operating earnings, which exclude some investment and derivative gains, were $3.4 billion, or $2,057 per Class A share, short of the $2,062 estimate from analysts at Thomson Reuters. Berkshire (BRKB) shares were flat in after-hours trading.

Much of Berkshire's derivatives are bets on the value of global stock indexes like the S&P 500. Berkshire's position improves when these index values rally, as they did in the third quarter. The company also booked nearly $600 million in investment gains from sales of securities and loan repayments.

Berkshire is a broad-based investment conglomerate whose holdings include everything from Geico insurance to Burlington Northern Santa Fe railroad to Dairy Queen. It also has stakes in a variety of other large firms.

Earlier Friday, Berkshire announced that it was buying Oriental Trading Company, a leading maker of party favors and novelties based in Omaha, Neb.

The price of the transaction was not disclosed, though The Wall Street Journal reported that it was a $500 million deal.

Buffett said in a recent television interview that Berkshire was interested in making acquisitions, but was finding prices for companies too high. He said low interest rates are driving up prices because other companies are more willing to use leverage to make purchases.

Berkshire uses equity or cash rather than borrowed money to buy companies, so the prices it's willing to pay don't change with interest rates.

The aging Buffett has not publicly revealed a succession plan, but says he has informed Berkshire's board about his preferred candidates. Earlier this year, he underwent radiation treatment for prostate cancer, though he said the illness was "not remotely life-threatening."

First Published: November 2, 2012: 6:33 PM ET

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Red Cross sees flurry of donations

NEW YORK (CNNMoney) -- In the days since Superstorm Sandy pummeled much of the Northeast with severe winds and torrential flooding, donations to the American Red Cross have been pouring in.

The agency received nearly $35 million through early Friday morning, said Karen Stecher, a Red Cross spokesperson. "The public has been generous," she said.

The Red Cross has been operating shelters and offering food, water and relief supplies to areas struck hard by Sandy. On Thursday night, it housed almost 6,800 people in nearly 100 Red Cross shelters across 8 states. The agency has delivered more than 852,000 ready-to-eat meals and snacks so far, and served more than 215,000 meals.

Donations for Sandy have already exceeded the $8 million given over the entire recovery period for Hurricane Isaac, which struck the Gulf Coast earlier this year, according to Neal Litvack, chief development officer at the Red Cross.

While the initial outpouring has been strong, the destruction has been huge. Helping the millions left without power and thousands temporarily lacking homes or food is likely to cost the agency "tens of millions" of dollars, said Litvack.

Related: Sandy's economic cost up to $50 billion

The Red Cross has received some big corporate donations in the wake of the storm. Companies that have pledged to give $1 million or more include: JPMorgan Chase (JPM, Fortune 500), Walt Disney (DIS, Fortune 500), News Corp (NWS)., Kohl's (KSS, Fortune 500), Morgan Stanley (MS, Fortune 500), Mercedes-Benz USA, and Enterprise Holdings Foundation.

As of midday Friday, businesses had contributed more than $38 million in cash and employee-matching or customer-matching programs to the Red Cross and other relief agencies, according to a tally from the U.S. Chamber of Commerce.

Meanwhile, performers including Bruce Springsteen, Jon Bon Jovi, Christina Aguilera and Billy Joel will use their star power to solicit Red Cross donations at a benefit concert hosted by NBC, airing Friday at 8 p.m. ET.

How to help

If you'd like to donate to the Red Cross online, go to www.redcross.org. You can also mail a check to: the American Red Cross, P.O. Box 37243, Washington, D.C., 20013. To donate by phone, call 1-800-RED-CROSS or give up to $10 by texting the word "REDCROSS" to 90999.

Visit CNN's Impact Your World for more information about the best ways to help hurricane victims, as well as how to volunteer for cleanup efforts.

First Published: November 2, 2012: 4:08 PM ET

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