Reuters: Oil shortage not anticipated with Alaska closure

[Eugene]

Oil shortage not anticipated with Alaska closure
Field accounted for 8 percent of US production

By Tom Doggett, Reuters | August 8, 2006

WASHINGTON -- US motorists will not face shortages of gasoline because
of BP Plc's shutdown of its giant Prudhoe Bay oil field in Alaska,
even though pump prices may rise, the government's top energy forecasting
agency said yesterday .

BP announced over the weekend that it was shutting down its 400,000
barrel-a-day Alaskan oil field to repair corrosion in the transit pipeline
that moves the crude.

-snip-

The field accounts for 8 percent of US crude oil production and more than half
of Alaska's oil output. Still, its shutdown "certainly isn't going to create
any shortages in gasoline, diesel fuel, and other petroleum products," said
Tancred Lidderdale, an analyst with the federal Energy Information Administration .

Lidderdale said refiners on the West Coast, where most of Alaska's crude oil
is shipped, already have plenty of supply as crude inventories in the region are
"above average" at 55 million barrels.

-snip-

Full article: http://www.boston.com/news/nation/washington/articles/2006/08/08/oil_shortage_not_anticipated_with_alaska_closure
(Boston Globe - free registration may be required.)

[magellan]

1. Then why have prices gone up!!??

I tell you, it ticks me off NO END to read this and know that regardless, we'll pay for it. Dearly. No supply shortage, but don't think for a minute they won't still stick us for it at the pump!!

[LiberalVoice]

2. No shortage...

...why would prices go up?

[DanCa]

3. Who has stock in BP?

Does anyone know of any politicians that have stock in this company like ssay Dubya or Cheney? I think that there making money hand over fist.

[izzie]

4. I have been reading more on it and I see their point but

one has to wonder why just now and why was not the pipe checked before? These companies have a history that I know about fist hand of cutting out help to make profits bigger. It could have been what they did until we get this results. I just do not trust big oil.

[DanCa]

5. I wonder when they'll make oil drilling in Alaska an issue again. (nt)

[ixion]

8. It's just what they did to game the system in CA

they shutdown plants for 'maintenance' when it wasn't really required, so the price of electricity would rise.

Same thing here, IMO.

[dipsydoodle]

6. At least one in six pension funds

across the world according BBC News last night. It would seem that the majority of BP stock is held by pension funds rather than private individuals. The subject was mentioned in context with the risks to the world at large ref pensions values in the event of BP's stock value falling due to their recent record of lack on investment in their own infastructure.

[sam sarrha]

7. they quit drilling, oil too much of that, so now theyre drilling yo wallet