Just When You Thought It Couldn't Get Worse!

Just when you thought it couldn't get worse! Oil futures are set for a volatile week, after Oil giant BP announced that it shut down its Prudhoe Bay oil field in Alaska over the weekend, due to corrosion found in the pipeline and several small spills along its route. Nearly 8% of U.S. Oil production comes from Prudhoe Bay, totaling 400,000 barrels a day. A spokesperson for BP could not predict how long production will be off-line. The timing of the outage could not be worse, as Middle East tensions continue to rise, and production in Nigeria and Iraq is restrained. Read More....