BP shuts largest U.S. oil field due to damaged pipeline – Aug. 7, 2006

BP shuts largest U.S. oil field due to damaged pipeline – Aug. 7, 2006

I guess there was not enough hurricanes this year to get gas prices up to $5 a gallon. So now they just straight up shut down the oil production to get the prices higher..

The shutdown could be the tipping point that push gasoline prices to a record high, said Tom Kloza, chief oil analyst at New Jersey-based Oil Price Information Service, noting prices are already close to record levels.

“Prices are likely to rise 3 to 5 cents a gallon for the next few days,”

he told CNN.The average price for a gallon of unleaded regular stood at $3.036 on Monday, according to the survey that Kloza’s firm conducts for AAA. The record high is $3.057, set Sept. 5, 2005, a week after Hurricane Katrina.

How nice of them isnt it? About a year later, there are far less # of hurricanes to naturally destroy the oil company property, so they just decided in the middle of the summer to shut off 8% of the USA production for an unknown timeframe.

And don’t expect members of either political party to do anything to resolve this type of issue since the major oil companies are the ones who pay them now.