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.
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.
An already fragile U.S. oil supply was dealt a severe blow on Sunday, when BP Plc commenced shutting down the biggest oilfield in the U.S., Alaska's Prudhoe Bay, which produces 400,000 barrels a day.