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Earlier today, shares of oil behemoth BP plc (BP) slid lower thanks to the shutdown of the Trans-Alaska Pipeline System. The shutdown took place on Saturday, as a leak was discovered at the 800-mile network that transports oil across Alaska. BP owns a 47% stake in the pipeline system. Overseas, BP shares finished the day more than 1% lower and are currently mere percentage points lower in American trade.
BP has seen its fair share of problems lately, what with the whole Gulf of Mexico oil spill. In fact, the Oil Spill Commission blamed BP for having "a role in all of the mistakes made at the Macondo well." The pipeline's operator stated that the leak was discovered at 8:15 AM (local time) on Saturday and that the pipeline was shut at 8:50 AM. By 6 AM on Sunday, 90% of the oil had been recovered within the building.
It is great that BP has contained this leak/spill, but here is my concern. This pipeline carries roughly 15% of U.S. domestic oil production. Let's just take a guess at what happened to crude futures after this news ... right, they are trading back near $89. So, where is this little BP snafu going to hit you and me? That's right, in the old billfold. I'm not sure about you, but I had to fill up the old FightBus last night and gas was roughly $3.15 per gallon. That's a lot of cabbage to pour into the gas tank. Unfortunately, we are over a barrel (literally) as we have no other options at the moment. Once there is a viable green alternative to gas, perhaps we will see prices find a nice lower price and stick there.
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Reader Comments (Page 1 of 1)
1-11-2011 @ 9:58AM
Bob Marta said...
Maybe BP wants the money back from the gulf oil spill ?
Maybe the funds that they paid into Sarah Palin's 2008 VP bid with John McCain is still outstanding for pay back ?.
Remember the promoting she, Sarah Palin jumped into about the pipeline to North America ?
Another project she just walked away from like the governor job in Alaska
Yes I could go on and on but the media still promotes her every little whim and we Americans buy this crap.
A very smart, good looking, rich woman that is the household name in America that Tina Fye on Saturday Night Live made famous and the Media keeps exploiting every day in our " DRAMA " filled news.
She, Sarah Palin with daughter or still " DRAMA QUEEN BIM==S.
Bob the kitten
Marta0412marta@aol.com