Monday, August 7, 2006
BP’s shutdown of largest US oilfield leads to price rises
The price of oil jumped again after BP's indefinite shutdown of the biggest oilfield in the US. BP said on Sunday it was shutting down the Prudhoe Bay field in Alaska, cutting production by 400,000 barrels per day, or 8% of US domestic oil output. The closure was due to the discovery of severe corrosion and a small spill from a Prudhoe Bay pipeline.