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Loss of Alaska oil field puts pressure on prices and government to act
By Mary Pemberton, Associated Press Writer
Tuesday, August 08, 2006 | No comments posted.
ANCHORAGE, Alaska - The fast rise in oil prices after BP's announcement that it was shutting down one of its biggest oil fields for repairs that could take months appeared to have leveled off today morning.
Oil prices fell in several markets, but the price was still more than $1 above last week, putting pressure on prices at the pump.
Light sweet crude for September delivery on the New York Mercantile Exchange slipped 33 cents to $76.65 a barrel in electronic trading by midday in Europe. September Brent at London's ICE Futures exchange fell 40 cents to $77.90 a barrel.
BP said it discovered corrosion so severe that it will have to replace 16 miles of pipeline at the huge Prudhoe Bay oil field. The news Monday put pressure on prices at the pump during the peak summer driving season and prompted the government to consider dipping into its emergency stockpile.
The average U.S. retail price of a gallon of unleaded, regular gasoline was $3.036 on Monday - near its all-time high of $3.057, reached Sept. 5 after Hurricane Katrina hit the Gulf Coast. Gasoline futures also rose, indicating the market expects further increases.
Oil prices fell in several markets, but the price was still more than $1 above last week, putting pressure on prices at the pump.
Light sweet crude for September delivery on the New York Mercantile Exchange slipped 33 cents to $76.65 a barrel in electronic trading by midday in Europe. September Brent at London's ICE Futures exchange fell 40 cents to $77.90 a barrel.
BP said it discovered corrosion so severe that it will have to replace 16 miles of pipeline at the huge Prudhoe Bay oil field. The news Monday put pressure on prices at the pump during the peak summer driving season and prompted the government to consider dipping into its emergency stockpile.
The average U.S. retail price of a gallon of unleaded, regular gasoline was $3.036 on Monday - near its all-time high of $3.057, reached Sept. 5 after Hurricane Katrina hit the Gulf Coast. Gasoline futures also rose, indicating the market expects further increases.
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