$4.00 A Gallon?

AP (08.06.06):

"BP Exploration Alaska, Inc. began shutting down the Prudhoe Bay oil field Sunday after discovering unexpectedly severe corrosion and a small spill from a transit pipeline. Prudhoe Bay represents about half of Alaska's oil production and about 8 percent of U.S. production, according to the U.S. Energy Information Administration." BP Shutting Down Large Alaska Oil Field

"Company officials said it would take days to shut down the oil field. Once completed, it's expected to reduce oil field production by 400,000 barrels a day." "Company officials said they did not know how long the field would remain closed." UPDATE: AP (08.07.06):

"The news of the Alaska shutdown caught traders by surprise, said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo, said a 400,000-barrel per day reduction in output would have a major impact on oil prices." Oil Prices Spike on Oil Field Shutdown

"'Oil prices could increase by as much as $10 per barrel given the current environment,' Emori said, though he said it was too early to tell what would be the exact effect."