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The largest oil field in the U.S. in Prudhoe Bay, Alaska hasn't shipped a drop of oil since earlier this month when BP discovered severe corrosion inside some pipelines servicing the facility. Overnight eight percent of the country's daily supply of oil disappeared, about 400,000 barrels per day.
Though prices immediately spiked to well over $3/gallon, they've since returned to below peak summer time levels and will likely remain there through the winter. More good news is that BP thinks it may be able to partially return Prudhoe Bay to pumping oil by late September. It estimates by that time, if upcoming inspections don't turn up more corrosion, the bay will be adding another 200,000 barrels of oil per day ot the nation's supply. If BP doesn't get the plant back up and running by that time, it will be forced to remove the oil from the pipelines before the start of winter in Alaska.

[Source: Reuters]

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    • 1 Second Ago
      • 8 Years Ago
      The lack of pipeline maintenance was "shameful" but the notion that this was planned or some conspiracy or whatever is "laughable".

      Hmmm, cut production by 50% but raise price by 5% for a couple of days -- wow, they must have made trillions!
      • 8 Years Ago
      Dont trust the news is all I can say, this is pure lie. I work for BP on the north slope and I can tell you that there is a little more than a few drops comming out of the fields, practically nothing has changed dispite what "reports" may say.
      • 8 Years Ago
      It costs money to buy and run a pig through, it costs nothing to raise the pump price or barrel price. How much do you think they made with that spike in crude for a couple of weeks? And they didn't check the pipes properly for how many years? They didn't know? How long have they been in this business?

      You really trust these guys with anything they put out for the press? I'm sure the next "disaster" will hit just about the time winter heating oil is needed.