Oil pipeline might shut for months
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#1 Aug 8, 2006
BP says it has it has closed a total of 57 oil wells after workers at its Prudhoe Bay field complained to the Financial Times about leaking insulating fluids.
The company says none of the leaks have reached the Arctic tundra and the closures are merely precautionary. But the latest revelations are an undoubted blow to BP. But the Alaskan operations are causing the most embarrassment. The company is now under investigation by a grand jury over the spill of some 267,00 gallons of oil in Prudhoe Bay earlier this year. The ageing pipeline system on the North Slope has been fraught with problems lately.
BP discovered corrosion in the lines only after the US Transportation Department ordered an inspection after a spill of up to a million litres in March.
BP and others have known for years, that regular maintenance and care was needed on this pipeline. So after making record profits the last two years, they are shutting down about 8% of the US oil supply due to corrosion in the pipeline. BP officials said they did not immediately know how much it would cost to replace the lines. The company made $US7.3 billion ($9.59 billion) in profit during the most recent quarter.
They have not spent hardly any $$$ the past twenty years on regular maintenance. Hmmm, sounds very suspicious, like another reason to raise oil prices and increase the profits by major oil companies. So you and I the consumer have become the folly, once again.
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