BP(British Petroleum) - the company with the nice green and yellow gas stations- has announced today that it is shutting down the Prudhoe Bay Pipeline in Alaska for repairs. It was discovered that the pipeline has been corroded and is leaking. Prudhoe Bay makes up 8% of U.S. oil- the leak will affect oil production by 40,000 barrels per day. This shut down of the pipeline has the oil market and may have consumers sweating at their brows as prices may rise. The time to repair the pipeline is unknown- it could take days to months. This all makes for a tense market at a time when Iran(the fourth largest oil supplier in the world) has stated that it will use their influence as a compromising tool if their nuclear expansion program is threatened.
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