BP to shut Prudhoe Bay
British Petroleum is shutting down its biggest oil field in the US after tests found “severe corrosion” and a leak in a pipeline. The announcement has seen a rise in global oil prices, with analysts saying petrol prices could hit a record high
Prudhoe Bay oil field supplies 8 percent of the country’s domestic oil. The move will take 400,000 barrels of crude oil per day off the market. US officials say although motorists won’t face petrol shortages, pump prices may rise. The US Energy Department says it will consider loaning emergency crude oil to refineries affected by the shut down. BP is already facing a criminal investigation over a large spill in March at the same oil field. The company says it doesn't know how long the field will be offline.