Pipeline Problems to Pump Up Prices

No other way to put it, we are a country that runs on oil. And unfortunately another hit is on the way in terms of prices, and production as BP is shutting down part of the nation's largest oil field in Alaska to fix corrosion problems. Dr. Richard Ericson, an economics professor at ECU, says he believes prices will jump 3 to 5 cents in the coming months, but wasn't at all surprised about the shutdown because the pipeline was originally intended to last 25 years and it’s now been 29 years. Ericson says we will not be affected by shortages, because OPEC announced Tuesday it will make up any shortfall in total supplies.