BP (BP) stock's surge might get an extra boost after the reopening of one of its key pipelines in Alaska.
Shares of the supermajor are rising on Monday amid a myriad of positive macroeconomic movements for oil. The pop comes just days after a flirtation with disaster at the hands of mother nature.
Vine Road, south of Wasilla, was heavily damaged in by the #akearthquake. An aerial view today. pic.twitter.com/m9Qhr0rdzg
— Marc Lester (@marclesterphoto) November 30, 2018
On Friday, a magnitude 7.0 earthquake in Alaska shut down a pipeline that moves 500,00 barrels of oil per day.
— Alyeska Pipeline (@AlyeskaPipeline) December 3, 2018
Nearly half of the staggering figures are exported by BP, while smaller apportions were controlled by ConocoPhillips (COP) and Exxon Mobil (XOM) as well as some smaller producers.
The 800-mile long Trans-Alaska Pipeline System was shut as a precaution, but the company appears to have dodged a bullet as Alyeksa Pipeline, the manager of the pipeline system, moved to reopen the pivotal oil delivery system only hours after the aftershocks subsided.
"After a methodical and extensive system-wide status check confirmed that it was operationally safe to restart, TAPS was brought back online," the pipeline manager said in a statement. "There were no damages reported at the time and Alyeska's Earthquake Monitoring System did not trigger any alarms."
Shares of BP continue to rise into afternoon trading, up 2.08% to $41.19 as of 1:40 p.m. ET, no doubt helped along by the fact that a prominent American pipeline remains operational.
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