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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: benwood who wrote (12868)	4/29/2004 6:10:45 PM
From: Elroy Jetson	Read Replies (1) of 110194

It's quite funny seeing the very short list of pipeline accidents reported to NTSB. It's probably a case of what the definition of "is" is. What is a reportable accident? Is there a penalty for failing to report? When I worked for Chevron, I personally settled the damage claims for six pipeline accidents over the two year period I worked in the Land Department. Each accident involved Chevron pipeline operating under the name of either Chevron USA or Pacific Transmission. In each instance, someone engaged in construction or agriculture broke open our pipelines with digging equiptment before our air patrol could dispatch ground patrols to determine the actual pipeline depth and warn them. Each time I wrote a check for hundreds of thousands of dollars, up to several million, and obtained signed damage waivers. Yet according to the NTSB records neither Chevron nor Pacific Transmission has ever been involved in a pipeline accident. Maybe money makes everything better. Ask any farmer in the Central Valley of California and they'll be able to tell the details of more accidents than the NTSB has listed since the 1960's. ntsb.gov

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