BP shutdown could be big

When you have an economy teetering on the edge, it doesn't take that much to cause real problems. The shutdown of BP’s Alaska oil field could be especially tough for California drivers because most of the crude that’s used to make gasoline here comes from Alaska. The irony is that gasoline prices had been holding steady for the past week or two – despite this being the peak of the summer vacation season. In fact, the government’s weekly gas price survey showed that in the Los Angeles area, the average price of a gallon of self-serve regular was $3.23, while Chicago, not used to high gas prices, registered just a shade higher. (L.A. prices are still 61 cents than they were a year ago.) Up until the BP announcement, the expectation was that prices would start to fall after Labor Day, but that seems unlikely, what with oil prices at $77 a barrel.