"API: Petroleum Industry Sails Through Y2K Date Rollover"
Saturday January 1, 1:07 pm Eastern Time
Company Press Release
SOURCE: American Petroleum Institute
American Petroleum Institute: Petroleum Industry Sails Through Y2K Date Rollover
WASHINGTON, Jan. 1 /PRNewswire/ -- The American Petroleum Institute reported today that the nation's oil and natural gas industry began the new century without any significant Y2K-related problems as a result of the advance preparations by the industry.
Available and adequate gasoline and home heating oil supplies were the most visible indications for consumers of the successful transition.
Essentially 100 percent of world oil production, natural gas production, and refinery capacity have successfully made the transition to January 1, 2000, API said.
The oil and natural gas industry, including its multinational companies, began preparing more than five years ago, and spent more than $2 billion to assure consumers worldwide that the oil and natural gas products on which they rely would be available on and after the date rollover. The industry spent the last two years continuing to develop and test solutions and contingency plans, and working with the International Energy Agency and the U.S. Department of Energy to share technological solutions with other nations. This prudent and necessary technological development, testing and global information sharing has proved a significant contribution to the industry's successful global transition into the Year 2000.
With Hawaii's transition to the new century as of 5 a.m. eastern standard time (EST), rollover had occurred for all of the United States. Alaska, with more than 1 million barrels per day of crude oil production, also moved successfully into the new year at 4 a.m. EST.
U.S. oil product pipelines that had planned scheduled shutdowns over the date rollover have successfully restarted their operations today and the U.S. Department of Transportation's Office of Pipeline Safety has confirmed industry reports of zero Y2K roll-over incidents in the U.S. oil pipeline sector.
SOURCE: American Petroleum Institute
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