NERC policy is designed to prevent just this scenario - a scenario where the loss of any single component (be it a plant, power line, or whatever) can take large parts of the grid down. Utilities are supposed to be following those rules, but I've seen companies taking chances the last few years (though my present employer doesn't seem to follow that trend yet).
Well, I suppose. People say that multiple failures are unlikely, but I've seen plenty of times where you get a whole bunch of anomalies all at once, throughout the system, that combine to bollux things up. Granted, I'm in the space business, but the network aspects are essentially the same.
And, given that there's probably a higher-than-normal load in the system right now, I'm betting it wouldn't take much to cause a cascade of problems throughout the grid.
If, OTOH, MrClark's correct about MSNBC reporting oil explosions in NJ.... Well, that's a different thing entirely.