BP to Shut Down Alaska Pipeline

BP to Shut Down Alaska Oil Field - Cutting US Oil Supply 8%
Is it time to think about Gas Rationing?

Thanks to corrosion in the oil pipelines, BP is going to cut off supplies from its Prudhoe Bay field in Alaska while it conducts further inspections and repairs. The duration of the disruption has not been announced. Prudhoe Bay supplies about 8% of the oil supply to the United States. Prices hit $76.00 per barrel on the announcement and may go higher. There are signs of further supply disruptions and uncertainty in Nigeria and Iran. Also, output from Mexico may not match expectations. More bad news from Alaska might be forthcoming.

Since oil companies are already making record profits, and there are signs of supply shortfalls with more supply cutbacks pending, should we start considering gas rationing? No one likes rationing, but at least if gas was rationed, the profits gained through "black market" or even authorized trading of rationed shares would be spread broader throughout the US economy rather than going into the hands of oil companies or unfriendly states.