Oil prices soar as BP shuts US field
OIL prices surged towards record levels yesterday after the discovery of a corroded pipeline caused BP to close the biggest production field in the United States, triggering fears of another spike in the cost of fuel.
The Prudhoe Bay oil field in Alaska will be shut down until repairs are made, cutting output by about 400,000 barrels a day - some 8 per cent of the total US oil production. It is not known how long the repairs will take.Coupled with heightened tension in the Middle East, the drop in supply has raised fears motorists could be paying even more for their petrol. Yesterday's announcement sent the cost of a barrel of oil up to about $76, almost reaching last month's all-time high of $78.
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The Prudhoe Bay oil field in Alaska will be shut down until repairs are made, cutting output by about 400,000 barrels a day - some 8 per cent of the total US oil production. It is not known how long the repairs will take.Coupled with heightened tension in the Middle East, the drop in supply has raised fears motorists could be paying even more for their petrol. Yesterday's announcement sent the cost of a barrel of oil up to about $76, almost reaching last month's all-time high of $78.
story continued
posted by anthony m, at Monday, August 07, 2006
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