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BP Needs Help
July 28, 2005
Yesterday the Wall Street Journal had an article about an explosion at a BP refinery in Texas City, Texas. That explosion killed 15 people. Just so happens that a large fire has erupted today at that same refinery. Eerie, eh? The first explosion cost BP $700 million in victim’s compensation, not to mention repairs to the facility. Something is wrong at that refinery, and it needs to be fixed soon. I suppose the biggest problem is that BP doesn’t have enough money to complete these upgrades. Ha, I don’t really believe that. But, if they were to increase gas prices to come more in line with the rest of the world, then maybe they could afford to do things without exploding. There is much more analysis here, but, alas, I am not an oil expert.
Posted by paul at July 28, 2005 08:16 PM
Comments
Dale said on July 28, 2005 10:56 PMI wonder how seriously this will impact our oil/gas supplies and prices. There has been much talk that refineries are basically at capacity, so interruptions anywhere in the distribution network could not be made up for elsewhere by increasing refining output.
Paul said on July 29, 2005 06:53 AMI don't think it'll hurt much. They shut down refineries for a few days or a week at a time when hurricanes are near, so a shut down for a few days to repair equipment shoudn't hurt too much. Honestly, I don't mind if it makes prices a tad higher, hopefully it leads to a little less driving.