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BP shutting top US oil field Prudhoe Bay due to spill
NEW YORK - Oil producer BP Plc said on Sunday it was shutting down the Prudhoe Bay oil field in Alaska, the biggest in the United States, cutting oil production by 400,000 barrels per day indefinitely. The closure was due to the discovery of severe corrosion and a tiny spill from a Prudhoe Bay oil transit line, BP said, the latest incident to hit its key Alaskan operations and another blow to BP's image in the United States following a deadly refinery explosion last year and a trading scandal. Prudhoe Bay, which pumps about 8 percent of U.S. domestic oil production, is operated by a BP-led group that includes oil majors ConocoPhillips and Exxon Mobil Corp.
http://news.yahoo.com/s/nm/20060807/bs_nm/energy_bp_dc_1

Not good news for Monday Morning.
 
Dubai to take control of offshore oil resources
NEW YORK - A unit of ConocoPhillips will end its role as operator of Dubai's offshore oil resources and the Emirate of Dubai will take over, marking the end of Dubai's first offshore oil concession, the government of Dubai and the U.S. oil major said on Sunday. Starting April 2, Dubai Petroleum Establishment will be responsible for operating the oilfields, instead of ConocoPhillips unit Dubai Petroleum Co., and for all future business related to the production of oil and gas in Dubai. Dubai oil will continue to be freely traded in the international oil market under contracts established by the government and by Dubai Petroleum Establishment, a new entity wholly owned by the government of Dubai. :notrust:
http://news.yahoo.com/s/nm/20060806/bs_nm/energy_conocophillips_dc_2
 
Fivetears said:
BP shutting top US oil field Prudhoe Bay due to spill
NEW YORK - Oil producer BP Plc said on Sunday it was shutting down the Prudhoe Bay oil field in Alaska, the biggest in the United States, cutting oil production by 400,000 barrels per day indefinitely. The closure was due to the discovery of severe corrosion and a tiny spill from a Prudhoe Bay oil transit line, BP said, the latest incident to hit its key Alaskan operations and another blow to BP's image in the United States following a deadly refinery explosion last year and a trading scandal. Prudhoe Bay, which pumps about 8 percent of U.S. domestic oil production, is operated by a BP-led group that includes oil majors ConocoPhillips and Exxon Mobil Corp.
http://news.yahoo.com/s/nm/20060807/bs_nm/energy_bp_dc_1

Not good news for Monday Morning.
Click to expand...

Yep, there is always something! Getting SLICKER!:(
 
Losing 2.6% of U.S. oil production, while elsewhere refineries are having issues- means $5 gas is just around the corner.

I think I'll move most of my holdings to "G" tomorrow, and a little to "F", but take everything OUT of stocks. Hope I don't lose too much before the close.

A Japanese trader says Oil could jump by $10 a barrell if Alaska is off-line very long.

http://www.cnn.com/2006/BUSINESS/08/06/oil.prices.ap/index.html?section=cnn_latest

Oil up 0.34 cents on the open in Tokyo on the news- and the Nikkei is down already.

Nobody mentioned yet the Russian oil pipeline burst that occured a couple days ago, shutting down a major supply for a refinery in Poland-
http://www.themoscowtimes.com/stories/2006/08/01/043.html

Or the problem with the Royal Dutch Shell PLC refinery in Nigeria last week that sparked a shutdown there-
http://www.chron.com/disp/story.mpl/business/4069784.html

Or the major shutdown from storms July 19th of the Woods Refinery in Missouri-
http://biz.yahoo.com/ap/060725/severe_weather_refinery.html?.v=1

Of course, the American Petrolium Institute says that if oil hits $ 100 a barrell, the pump price will go up by $0.60 cents a gallon.

I don't believe it will only be 60 cents.

I'm going out to fill up my car right now, tonight, while I can get it at $3.19.


Thank GOODNESS the republicans are in charge. (NOT!)
 
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Still pumping but the price is already up!:confused:
$76.53 a barrel

Oil surpasses $76 on Alaska shutdown

Shortage puts pressure on Europe, but analysts see possible relief in future.
August 7 2006: 5:52 AM EDT


SINGAPORE (Reuters) -- Oil surged above $76 a barrel after BP began shutting an Alaskan field that pumps 8 percent of U.S. crude and anxiety over the Middle East, supplier of almost a third of the world's oil, ran high.
U.S. crude was up $1.77 at $76.53, off a $76.55 high, in electronic trading. It hit a record $78.40 in July.

http://money.cnn.com/2006/08/07/markets/bc.markets.oil.reut/index.htm
 
We could tap the strategic oil reserves until the pipe is fixed, but I doubt it unless things get really bad. The higher price will put inflation pressure on the economy and if the fed was on the fence about a rate hike pause, this may change his mind. I'll look at the markets this morning, but am leaning on taking some off the table.
 
$76.21 a barrel:nuts:

08/07/2006 - Updated 8:40 AM ET
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Crude soars on BP shutting key fieldVolatile situation in Nigeria also weighs; Israel steps up attacks in Lebanon
1.gif
</IMG>By Steve Goldstein, MarketWatch & Mark Cotton, MarketWatch
NEW YORK (MarketWatch) - Crude-oil futures shot up in early trading Monday after BP said it was shutting down a key oil field representing 8% of daily U.S. production, in a market already concerned about supply disruptions out of Nigeria and the conflict in the Middle East.
Crude for September delivery was last up $1.45 at $76.21 a barrel in electronic trading, after soaring as high as $76.67 overnighthttp://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BF9B69DD6%2DD58A%2D4487%2DBBD8%2D79B6FA6BCF68%7D
 
BP just want's in the headlines.
It's one of those "Don't bite the hand that feeds you" responses.
(Regarding the huge law suit from the previous pipe leak.)
It'll get fixed.
 
This is not a pretty picture. Just stay below $78 please!
$77.30 a barrel:mad:

08/07/2006 - Updated 1:23 PM ET
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Crude heads for record close, above $77 BP pipeline shutdown stokes supply concerns; Mideast remains a focus
1.gif
</IMG>By Steve Goldstein, MarketWatch & Mark Cotton, MarketWatch
NEW YORK (MarketWatch) - Crude-oil prices headed for a record close Monday as the supply outlook worsened after BP said it was shutting down a key oil field representing 8% of daily U.S. production, in a market already concerned about disruptions to Nigeria's output and the impact of the conflict in the Middle East.
Crude for September delivery was last up $2.54, or 3.4% to $77.30 a barrel in trading on the New York Mercantile Exchange. http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BF9B69DD6%2DD58A%2D4487%2DBBD8%2D79B6FA6BCF68%7D
 
British oil company BP said Aug. 7 it will replace 73 percent of the pipeline from Alaska's Prudhoe Bay oil field, which could be closed for weeks or months.
 
$76.98 a barrel at close:mad:
Slick as eel skin!:notrust:
08/07/2006 - Updated 3:44 PM ET
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Crude tests record high after BP pipeline shutdown Oil ends just under $77 as BP pipeline leak adds to supply jitters
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</IMG>By Steve Goldstein, MarketWatch & Mark Cotton, MarketWatch
NEW YORK (MarketWatch) -- Crude ended just shy of its record high Monday after industry giant BP PLC threw the market into a spin by shutting down 8% of the country's oil output to fix a leaky pipeline.
http://markets.usatoday.com/custom/...s&guid={F9B69DD6-D58A-4487-BBD8-79B6FA6BCF68}
 
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That does it, I'm buyin' a motorcycle!:notrust:

Record gas prices seen after Alaska shutdown
Expect to pay three to five cents more at the pump as 8 percent of nation's production goes offline.
August 7 2006: 12:51 PM EDT

NEW YORK (CNNMoney.com) -- Gasoline prices could break all-time highs in the wake of the Alaska oil field closure, one analyst said Monday.
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, according to the motorist group AAA.

"Prices are likely to rise three cents to five cents a gallon for the next few days," said Tom Kloza, an oil analyst at the research group Oil Price Information Service.
http://money.cnn.com/2006/08/07/news/economy/gas_prices/index.htm?cnn=yes
 
Crude prices fall after jumping $2
SINGAPORE - Crude oil prices fell Tuesday, likely a result of profit-taking a day after prices jumped more than $2 a barrel in response to the shutdown of a large oil field in the U.S. state of Alaska. Light sweet crude for September delivery was down 25 cents to $76.73 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange. The news also caused gasoline futures to rise, and experts expect prices at the U.S. pump to increase by about 10 cents a gallon.
http://news.yahoo.com/s/ap/20060808...8G.UY.yBhIF;_ylu=X3oDMTA2Z2szazkxBHNlYwN0bQ--
 
Dubai man-made island nears completion It's Your Money.
DUBAI, United Arab Emirates - With 14,000 laborers toiling day and night, the first of Dubai's three palm-shaped islands is finally about to get its first residents. The Palm Jumeirah, a 12-square-mile island group, is part of what's billed as the largest land-reclamation project in the world, the product of five years of brute hauling of millions of tons of Persian Gulf sand and quarried rock. On Nov. 30, the palm will open to some 4,000 residents, said Issam Kazim, a spokesman for Dubai's state-owned developer Nakheel. When fully complete by 2010, the Palm Jumeirah will be an offshore city, with some 60,000 residents and at least 50,000 workers in 32 hotels and dozens of shops and attractions.
http://news.yahoo.com/s/ap/20060806...k1aMnab.HQA;_ylu=X3oDMTA4MHNjNWZuBHNlYwMxNjk0
 
New US Oil Price average:mad:

U.S. raises oil forecast $3 a barrel
August average now seen at $76.50, agency says, citing July heat wave, Prudhoe Bay shutdown.
August 8 2006: 12:38 PM EDT


NEW YORK (CNNMoney.com) -- The government Tuesday raised its forecast for the average price of oil in August by $3 a barrel, citing July's heat wave and decreased production from the closure of BP's oilfield in Alaska's North Slope.
The Energy Information Administration (EIA), the numbers arm of the Energy Department, estimated in its monthly energy forecast that oil is expected to average $76.50 a barrel in August, up from its prior forecasts of $73.50.

http://money.cnn.com/news/specials/gasprices/

http://money.cnn.com/2006/08/08/news/economy/oil_eia_forecast/index.htm?cnn=yes
 
$76.53 a barrel:(


08/09/2006 - Updated 8:57 AM ET
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Crude edges higher ahead of supply dataGasoline stocks are expected to fall; estimates are mixed for crude supplies
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</IMG>By Mark Cotton, MarketWatch
NEW YORK (MarketWatch) - Crude prices edged higher Wednesday as traders awaited the latest weekly supply data in a market that is still trying to assess the impact on supplies of BP's decision to shut down a pipeline transporting crude out of the nation's largest oil field.
Crude for September delivery was last up 22 cents at $76.53 a barrel.http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B9566DDB4%2D1876%2D41C8%2DA4AD%2DFD5ECC6D2789%7D
 
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