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]