BP shuts Alaska pipeline after massive oil leak
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Pastor Dale Morgan
Jan 10, 2011, 4:57:24 AM1/10/11
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BP shuts Alaska pipeline after massive oil leak
• BP shares fall 2.5% and oil prices rise on news
• Pipe carries 12% of America's oil output
• Leak could push up petrol prices for motorists
* Graeme Wearden
* guardian.co.uk, Monday 10 January 2011 09.05 GMT
Trans-Alaska pipeline system A group of motorcyclists ride past the Trans-Alaska pipeline system, operated by BP Photograph: Al Grillo/AP
BP shares slid nearly 2.5% this morning after the company shut a major Alaskan pipeline that carries around 12% of America's oil output.
The Trans-Alaska pipeline system, which carries oil from the Prudhoe Bay field, was closed on Saturday following the discovery of a leak. The incident is expected to drive up oil prices, and could mean motorists face even higher costs at the pumps.
Prudhoe Bay is America's largest oil reserve. The leak occurred at a pumping station at Alaska's North Slope, and will force BP to shut down 95% of oil production at the site. The company has described the leak as "a significant event" and it is not clear how long it will take to restart production.
Prudhoe Bay will typically produce 630,000 barrels of oil each day – equivalent to around 40% of the UK's daily consumption.
The price of a barrel of US crude oil rose by almost 1% to $89.92 this morning, as traders reacted to the unexpected drop in supplies.
BP was the biggest faller in the FTSE 100 when trading began, dropping as much as 12p to 480.7p. This eroded some of the recovery since the Deepwater Horizon disaster last April, which sent BP's shares tumbling from 650p to 296p.
Prudhoe Bay is mainly owned by BP, ConocoPhillips and ExxonMobil, with BP operating the Trans-Alaska pipeline system. The area is a major resource for BP, with the company planning to build a new pipeline to tap Alaska's gas reserves,
BP shuts Alaska pipeline after massive oil leak
• BP shares fall 2.5% and oil prices rise on news
• Pipe carries 12% of America's oil output
• Leak could push up petrol prices for motorists
* Graeme Wearden
* guardian.co.uk, Monday 10 January 2011 09.05 GMT
Trans-Alaska pipeline system A group of motorcyclists ride past the Trans-Alaska pipeline system, operated by BP Photograph: Al Grillo/AP
BP shares slid nearly 2.5% this morning after the company shut a major Alaskan pipeline that carries around 12% of America's oil output.
The Trans-Alaska pipeline system, which carries oil from the Prudhoe Bay field, was closed on Saturday following the discovery of a leak. The incident is expected to drive up oil prices, and could mean motorists face even higher costs at the pumps.
Prudhoe Bay is America's largest oil reserve. The leak occurred at a pumping station at Alaska's North Slope, and will force BP to shut down 95% of oil production at the site. The company has described the leak as "a significant event" and it is not clear how long it will take to restart production.
Prudhoe Bay will typically produce 630,000 barrels of oil each day – equivalent to around 40% of the UK's daily consumption.
The price of a barrel of US crude oil rose by almost 1% to $89.92 this morning, as traders reacted to the unexpected drop in supplies.
BP was the biggest faller in the FTSE 100 when trading began, dropping as much as 12p to 480.7p. This eroded some of the recovery since the Deepwater Horizon disaster last April, which sent BP's shares tumbling from 650p to 296p.
Prudhoe Bay is mainly owned by BP, ConocoPhillips and ExxonMobil, with BP operating the Trans-Alaska pipeline system. The area is a major resource for BP, with the company planning to build a new pipeline to tap Alaska's gas reserves,
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