When an offshore oil rig is outdated, or can no longer cost-effectively pump oil, most countries require that the oil rigs be wholly decommissioned.
Smit, which in charge of salvaging Prestige before it sank, said the operation - to pump the oil back to the surface - would cost nearly 50m euros and take several months to complete.
Personnel at Alyeska Pump Station 1 discovered oil leaking into the station's booster-pump building on Saturday morning at 8:15, according to Michelle Egan, a spokeswoman for Alyeska.
Those who blamed Big Oil for price-gouging at the pump should now look at what Big Food is responsible for doing on the supermarket shelf.
Libya's fate is hard to predict but the economic uncertainties boil down to a hoary question: how much is Saudi Arabia, the linchpin of OPEC, the oil-exporters' cartel, able and willing to pump?
The gas comes up with the oil pump from Prudhoe Bay, but it's been re-injected back into the ground for decades.
Refining-capacity constraints will keep gas prices up at the pump and for heating oil.
So if crude oil prices stay approximately where they are, we will see a few more cents at the pump -- maybe 5 or 6 cents (per gallon) in the coming days.
Were the industry to think things through and conduct its due diligence on this treaty, it would also be self-evident that LOST will impose severe costs on American oil companies, leaving the consumer stranded at the pump with even higher gasoline prices, after having been led to believe that salvation lies beneath the polar ice.
Regarding your editorial "The Ethanol Gas-Pump Surcharge" (March 12): Once again The Wall Street Journal sides with Big Oil and its monopoly against ethanol, Big Oil's direct competitor.
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