BP's oil pipeline repair sends petroleum prices up
Oil major BP said it has discovered corrosion in its pipelines on a scale that it says it will have to replace 16 miles of pipeline at the huge Prudhoe Bay oil field. The work could shut down the nation's single biggest source of domestic crude for months and drive gasoline prices even higher.

Oil prices rose up by more than $2 a barrel on the news and gasoline futures rose also. BP Plc's transit pipeline at Prudhoe Bay produces about 2.6 percent of the nation's daily supply, or about 400,000 barrels a day.

BP, the world's second-largest oil company, found the extent of the corrosion after tests ordered by the federal government after a big oil spill last March at Prudhoe Bay, situated above the Arctic Circle, 650 miles north of Anchorage.

BP officials said they did not immediately know how much it would cost to replace the lines. The company made $7.3 billion in profit during the most recent quarter.
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Google MTV enter into video deal
Google Inc and MTV Networks Co. have entered into a deal whereby bloggers and other Web site operators can post MTV's video clips while earning online advertising revenue.

The deal will give Google immediate access to premium content from the cable network's stable of shows such as Nickelodeon's "SpongeBob SquarePants" and MTV's "Laguna Beach."

In the MTV deal, every time someone clicks to watch a video off blogger's site, the blogger will get a cut of the advertising revenue made. In exchange, MTV expands its online audience and Google increases traffic to its video site, the companies said.

However, Google did not disclose how many Web sites would be allowed to run the MTV content off of their sites as part of the test run of the product.
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