The Rising Influence of Rising Affluence

[biomanbaba]

OIL to skyrocket soon

Alaskan pipeline closure hurts BP, boosts oil prices. A leak in the Trans Alaska Pipeline forced operators on the North Slope to cut production by 95%, a major blow for BP (BP) which is the largest oil producer in Alaska. The North Slope currently accounts for 9% of U.S. output, and BP contributes two-thirds of that figure. Other producers include ConocoPhillips (COP) and Exxon Mobil (XOM). Unless the leak is fixed quickly, the shutdown could trigger a jump in oil prices; crude futures +0.8% to $88.74. Premarket: BP -2.45%, XOM -1% (7:00 ET).