After the news last week of BP's Prudhoe Bay oil pipeline leak and the subsequent rise in oil futures, anyone worried about the rise in gas prices will be happy to hear that the company has been allowed to keep the western section of the oil field open because it hasn't found anything yet that would require an immediate shutdown. BP will make a decision on the western section in a few days.
BP is producing 155,000 barrels a day in the Bay, down from the 400,000 it can produce when the field is fully operational. A "chief commodities strategist" for Mitsui Bussan Futures Ltd. in Tokyo told Bloomberg that, "It's an important period right now as the U.S. needs as much oil as possible, and there may be further problems with hurricanes."

[Source: Bloomberg]

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