Now that’s not something common for oil giants to be happy about, burst pipes that lead to production. They normally dread at such failures for they entail millions if not billions in lost revenue but this time round, these guys are happy that something did break. The failure is projected to raise fears about the supply of the precious black liquid we have so depended on for a long time and oil magnates controlled, thus allowing them to again keep tabs on its price.
Previous months had OPEC and many other oil producing nations worried for their projected output was so much but the recession has forced many to stop using cars thus lessening demand for gas and other petroleum products. This lessens the amount of oil(OPEC has cut production to raise prices artificially) ready available for processing into the many derivatives we simply cannot live without. The problem happened somewhere in Nigeria, where a burst pipe caused a closure of a processing plant Continue reading »