Closed Georgian pipelines have little effect on oil prices

Instability in Georgia has caused the energy company BP to shut down pipelines in the country. One carried Caspian oil from Azerbaijan to the Georgian Sea. Another BP pipeline stopped last week, following an explosion on a portion of the line. On Tuesday, the International Energy Agency said the conflict in Georgia threatens this key energy route for western oil and gas markets. Reduced demand for oil is helping to mitigate the impact wavering supply might have had even a month ago. Guest: Carola Hoyos, chief energy correspondent for the Financial Times