Oil Prices Slide on Shutdown of Pipeline
By MADLEN READ AP Business Writer
NEW YORK Aug 8, 2006 (AP)— Crude oil prices slipped Tuesday after Energy Secretary Samuel Bodman said extra supplies can replace oil lost from the shutdown of a major Alaskan pipeline owned by BP PLC.
The Energy Information Administration, the government's energy statistics arm, said in its short-term energy outlook earlier in the day that, based on BP's statement that recovery would take several months, it expects Alaskan crude oil production to gradually return to full production by February. That would result in the loss of about 50 million barrels of oil over the next six months.
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NEW YORK Aug 8, 2006 (AP)— Crude oil prices slipped Tuesday after Energy Secretary Samuel Bodman said extra supplies can replace oil lost from the shutdown of a major Alaskan pipeline owned by BP PLC.
The Energy Information Administration, the government's energy statistics arm, said in its short-term energy outlook earlier in the day that, based on BP's statement that recovery would take several months, it expects Alaskan crude oil production to gradually return to full production by February. That would result in the loss of about 50 million barrels of oil over the next six months.
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posted by anthony m, at Tuesday, August 08, 2006
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