Oil surged above $76 a barrel after BP began shutting an Alaskan field that pumps 8 percent of U.S. crude this morning. The decision to halt production came after the discovery of “unexpectedly severe corrosion” in the pipelines. There is now speculation that gas prices could break all-time highs in the immediate near future, as a result of the problems. What’s more, anxiety over the Middle East could also influence the price at the pump. While prices might only reach a few cents higher than the previous record national average of $3.057, it’s a psychological barrier most Americans would probably rather not cross.
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