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Oil $300 warning
- Wednesday, August 23 - 2006 at 06:56
Crude oil could reach $300 per barrel if BP's pipeline corrosion problems in Alaska are found elsewhere, according to an industry analyst quoted in the Independent. Matthew Simmonds warns that the unexpectedly severe corrosion could be the tip of the iceberg. He said that during 25 years of lower oil prices, the industry failed to have a proper maintenance system, with rigs, pipelines and refineries that "rusted away".
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James McInerney, News EditorWednesday, August 23 - 2006 at 06:56 UAE local time (GMT+4)
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