BP hits another kink in the pipeline

BP might have thought this year couldn’t be worse than last. But it's hit another oil slick with news about the shutdown of its Northstar oil field -- six miles from the Prudhoe Bay site -- hitting media outlets around the country.

This time around, an employee discovered a sputtering leak in a gas line, forcing the suspension of 40,000 barrels a day. That sounds almost exactly like what BP faced last summer. As of this posting, BP couldn’t say when the Northstar oil field will be up and running again.

It makes me wonder about the economic effect of repeated oil field shutdowns. Fortunately, oil prices haven't been affected by this latest pipeline corrosion problem. But any prolonged closure would surely mean skyrocketing oil prices, and an edge toward the $3 mark once again.

With pipelines aging and corroding at an alarming rate, the implications are clear. Further disruptions could spell an environmental and economic disaster.

Bottom line: Companies that use pipelines should take steps to make sure they're safe for the sake of the economy.