BP’s Gulf of Mexico oil spill will not push fuel switching

US power switching

Market experts have calmed fears that tighter restrictions on offshore drilling following BP's Gulf of Mexico oil spill will result in the US switching a large part of its energy consumption from oil to gas and therefore pushing up prices.

"The Gulf of Mexico situation continues to be a wild card," says Andrew Moorfield, head of oil and gas at Lloyd's Banking Group. "The argument that a restriction on offshore drilling may result in higher gas prices on the face of it may seem reasonable but

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