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I have a suspicion/theory that this BP issue may be one (albeit very large) cockroach for the whole industry. Desperate efforts to grab as much of the high prices as possible is "deferring" maintenance on rigs, pipes, tankers, refineries...

Thoughts?

Tim

Conoco in force majeure on Alaska oil shipments
Thursday August 10, 6:11 pm ET
By Erwin Seba


HOUSTON (Reuters) - ConocoPhillips (NYSE:COP - News) on Thursday declared force majeure on Alaska oil shipments and said it would cut oil shipments to U.S. West Coast refineries.
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Companies declare force majeure when events beyond their control prevent them from meeting contractual obligations. BP Plc. (London:BP.L - News) said it had no plans to declare force majeure because it thought it could replace any production lost due to its shut down of shipments from Alaska's Prudhoe Bay oilfield, in which it is the majority stakeholder and operator.


http://biz.yahoo.com/rb/060810/energy_conoco_alaska.html?.v=5
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