Way to go BP

BP has to shut down its Prudhoe Bay oil field due to "corroded pipes". Nice maintenance. All in the shadow of your record profits.

This is corporate irresponsibility of its grandest.

And watch: their profits will go up even more because of the way the market works.

Remember folks, you can throw around the terms "supply" and "demand" but that doesn't cut to the core of what is going on. Consolidation in the oil refining industry has allowed them to set the retail price that pads their profits. If you doubt, think about this: In what other industries can you have increases in costs (in this case crude oil) result in higher profits. If you think "hey, when my costs are higher my profits get squeezed" you are thinking logically. So the oil industry defies logic. Or that logic is that they are exercising market power. And don't think this administration will go after oil companies. They're in bed together.

Folks, there is no oil shortage. Prices are high, yes. Blame the turmoil in the mideast (and the lack of successful US interventionist policies). Blame the consolidation of the oil industry (and the pro-business leanings of the powers that be). But don't blame supply and demand. They are, as always, on their best behavior. It is the circumvention of the rules of supply and demand that are the culprit.

Way to go BP. Go to hell while you're at it.

At least their stock dropped today.