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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: regli who wrote (54384)	8/7/2006 1:40:06 AM
From: mishedlo	Read Replies (1) of 116555

BP Shuts Prudhoe Bay Field; 8 Percent of U.S. Output bloomberg.com BP Shuts Prudhoe Bay Field; 8 Percent of U.S. Output Aug. 7 (Bloomberg) -- BP Plc said it's shutting the Prudhoe Bay oil field in Alaska, accounting for 8 percent of U.S. output, because of corrosion in a pipeline. The shutdown of about 400,000 barrels a day at the largest U.S. field will take days to complete and the company doesn't know when production will resume, field operator BP Exploration Alaska Inc. said in a statement through PRNewswire. The pipeline was shut down at 6:30 a.m. Alaskan time Sunday, it said. Oil prices rose as much as 0.3 percent. The world's second-largest publicly traded oil company is under a U.S. grand jury investigation over an oil spill in Alaska. About 6,400 barrels of oil leaked from a Prudhoe Bay pipeline in March, almost a year after an explosion at a Texas refinery killed 15 workers and led to the biggest fine by U.S. refinery safety regulators.

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