Alaskan Field failure demonstrates US energy security problems
08/09/06 15:13
The failure and shutdown of one pipeline in Alaska that supplies 400,000 barrels per day of oil took 8% of the US oil supply out for months. OPEC had only 1.2 million barrels per day of excess supply that could be used to make up for this gap. It is no surprise that oil prices were driven up to $75 per barrel on this news which demonstrates how vulnerable the aging US oilfields are, and how little additional oil is available in the world.
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