Alaska Pipeline Closes
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I was reading yesterday in Kiplinger that there now is less than half the amount of oil rigs in the gulf as there was prior to the BP spill. As a result of the drilling moratorium and the new regulations, the rigs have moved to other places such as western Africa. This may be a reason why we have seen the price of fuel heading up since the spill. No grand conspiracy needed, just supply and demand.
Hello
Well this Leak is now effecting our Oil & Gasoline Prices!!
1 Barrel of crude oil is 42 Gallons (159 liters or 35 imperial gallons)
So the 10 Barrel leak is 420 Gallons. That is not much at all except a good excuse to raise prices again!!
http://timesofindia.indiatimes.com/...huts-Alaskan-pipeline/articleshow/7260843.cms
NEW YORK: World oil prices today climbed after an Alaskan pipeline leak forced a shutdown of the network that accounts for more than 10 per cent of US crude output.
New York's main contract, light sweet crude for February delivery, closed at USD 89.25 a barrel, an increase of USD 1.22 from Friday.
In London, Brent North Sea crude for February leaped USD 2.37 to settle at USD 95.70.
Alyeska, the operator of the Trans Alaska Pipeline, closed the pipeline after discovering oil leaking into a station pump Saturday.
The huge pipeline that crosses the North Slope oil region, from the Arctic to southern Alaska, carries between 630,000 and 650,000 barrels of crude a day.
Oil companies were forced to cut production 95 per cent.
"This is a very, very minor leak -- the last shutdown resulted in 5,000 barrels escaping. From an engineering perspective, we would doubt that any shutdown will last more than two to three days," JPMorgan analysts said in a client note.
Alyeska said there were no injuries or apparent impacts to the environment as a result of the leak.
"Our goal is to engineer and implement a solution so that we can safely return the pipeline to service as quickly as possible," said Tom Barrett, president of Alyeska.
Well this Leak is now effecting our Oil & Gasoline Prices!!
1 Barrel of crude oil is 42 Gallons (159 liters or 35 imperial gallons)
So the 10 Barrel leak is 420 Gallons. That is not much at all except a good excuse to raise prices again!!
http://timesofindia.indiatimes.com/...huts-Alaskan-pipeline/articleshow/7260843.cms
NEW YORK: World oil prices today climbed after an Alaskan pipeline leak forced a shutdown of the network that accounts for more than 10 per cent of US crude output.
New York's main contract, light sweet crude for February delivery, closed at USD 89.25 a barrel, an increase of USD 1.22 from Friday.
In London, Brent North Sea crude for February leaped USD 2.37 to settle at USD 95.70.
Alyeska, the operator of the Trans Alaska Pipeline, closed the pipeline after discovering oil leaking into a station pump Saturday.
The huge pipeline that crosses the North Slope oil region, from the Arctic to southern Alaska, carries between 630,000 and 650,000 barrels of crude a day.
Oil companies were forced to cut production 95 per cent.
"This is a very, very minor leak -- the last shutdown resulted in 5,000 barrels escaping. From an engineering perspective, we would doubt that any shutdown will last more than two to three days," JPMorgan analysts said in a client note.
Alyeska said there were no injuries or apparent impacts to the environment as a result of the leak.
"Our goal is to engineer and implement a solution so that we can safely return the pipeline to service as quickly as possible," said Tom Barrett, president of Alyeska.
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