BP Closes US Oil Fields

from WDIV Detroit TV 4

BP said Monday it will replace 73 percent of the pipelines from the nation's largest oil field and that production could be closed for weeks or months, crimping the nation's oil supplies at a time of peak demand. BP, the world's second-largest oil company, began shutting down the pipelines on Monday and said it would replace 16 miles of the 22 miles of transit pipeline it operates in the Prudhoe Bay field following a leak discovered Sunday.

Company officials told a news conference they did not immediately know how much it would cost to replace the lines. They will continue to keep the oil field closed and bring parts back into service once it's safe to do so.

from CNN

Gasoline prices could break all-time highs in the wake of the Alaska oil field closure. With a national average of $3.036 for a gallon of regular, prices are already within easy reach of the all-time record high of $3.057 set last September in the wake of Hurricane Katrina.