Things are looking up for BP (BP), which was recently able to restart its Cherry Point oil refinery in Washington after about 3 months of it being shut down.

This is good news for more than one reason. Firstly it obviously means that production can resume and the refinery will be able to start making a profit for the company again. In addition the company will no longer have to face angry claims from Washington residents regarding the fact that the shutdown apparently caused gas prices in the region to rise to unacceptably high levels. Taking a look at spot gas prices in the area now, it is easy to see that it was the BP shutdown, despite the company’s claims to the contrary, that caused the process to spike in the first place. Following the restart of the refinery prices have dropped noticeably. This is because the refinery, although still engaged in the start up process, has already restarted the production of motor fuel. The initial shutdown was caused by a fire that necessitated a number of repairs. The refinery is back up and running and full production will most likely be resumed by the end of the month.

And, of course, the company is still dealing with the backlash from the Gulf of Mexico oil spill. The company is very close to closing a deal that will resolve most of the civil lawsuits currently leveled against it regarding the spill.To continue reading, click here.