Monday, August 27, 2012

BP plc (NYSE:BP) Shuts Down Platforms due to Tropical Storm Isaac

Tropical Storm Isaac has put a halt to BP plc (ADR)(NYSE:BP)’s activities in the Gulf of Mexico.

The storm is headed west and is expected to attain the scale of a hurricane. The company called a halt to its oil and gas production at its platforms in the Gulf of Mexico.

The company had earlier shut down four platforms, including Thunder Horse, the largest in the world. The platforms have been evacuated of all employees as the company is taking more precautions in the face of the fury of the storm.

Meanwhile fallout of the stoppage in production of gas has been the lack of availability of premium and mid-grade gas at gas stations run by BP.

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The company has stopped distribution of premium and mid-grade gas after it found that 4,700 barrels of bad gas were sold from its terminal in northwest Indiana and Chicago areas.

After purchasing gas from a BP outlet, a Riverside resident said that his vehicle had stopped working and had to get his vehicle repaired at a cost of nearly $900.

A clerk at a BP gas station in Glen Ellyn said his station was only selling regular, un-leaded gasoline and was currently out of mid-grade and premium.

“We get our gas from O’Hare and not where the bad gas came from,” the clerk said. “O’Hare is running out now too because it’s so close.”

Despite the lone choice for gasoline at the BP station, the cost is $4.19 today, which is comparable to other gas stations along Roosevelt Road, according to the clerk.

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