Due to a leak, British Petroleum announced an indefinite shutdown of the Prudhoe Bay field, which produces 8% of the US oil supply. Crude oil prices rocketed past $76.

“We will not resume operation of the field until we and government regulators are satisfied that they can be operated safely and pose no threat to the environment,” said BP President Bob Malone in a statement.

WSJ reported the leak was around 200 gallons, which is less than five barrels.

While that might seem overcautious, BP is just exercising its short term memory. It wasn’t but this March 2, 2006, when a BP worker discovered a large oil spill in western Prudhoe Bay. Over 267,000 gallons splooged out, the largest ever on Alaska’s north slope.

Both the March 2 and this August’s oil splooge were due to a corroded pipeline.

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