Watch those prices, kids!

What a shame. Less oil drilling in Alaska! Apparently there was unexpected corrosion on some pipeline somewhere, which is cutting off 8% of our nation’s oil supply.

Phew.

They’re not sure whether or not they’ll shut down the oil field Prudhoe Bay, but that doesn’t mean that it’s out of the question. BP, the oil field’s owner, says that the field will only be shut down under “extreme circumstances”.

You can expect a 5 cent increase in your gas prices wherever you live, because the cost of a barrel of crude oil went up $1.13, making a new record of $75.89.

And the government is going to consider lending the emergency barrels of oil to the company in light of the temporary shutdown. But…correct me if I’m wrong here. But those oil companies will profit off the government’s lent oil supply? I suppose that means that they’ll be paying them back, though.

Happy Monday.

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One Response to Watch those prices, kids!

  1. Matt says:

    Nationalize the oil refineries. Venezuela has $0.15 a gallon gasoline. So can we. Take oil out of the hands of greedy price-mongerers (Exxon Mobil is, duh, posting record profits in recent months) and your prices will shoot down nice and fast.

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