Environmentalists say that if we drill more, it would just make us more dependent on oil.
BP said Monday it would replace 16 miles of pipeline carrying oil from the Prudhoe Bay field -- the nation's largest crude supply -- to the main Alaskan supply route. The company discovered massive corrosion in the transit lines after the U.S. Transportation Department ordered an inspection following a spill of 270,000 gallons in March.
The pipeline produced 400,000 gallons of oil a day, or 8 percent of U.S. production.
The news spooked investors and inspired speculators, who drove up oil prices Monday by more than $2 a barrel. Crude closed at $76.98 a barrel on the New York Mercantile Exchange. Gasoline futures also rose, indicating the market expects pump prices to skyrocket.