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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: The Ox who wrote (48176)	7/19/1999 5:19:00 PM
From: ChanceIs	Respond to of 95453

Missing Barrels Found in Oklahoma Cushing, Oklahoma, July 19 (Bloomberg) -- While energy industry statistics say a year-long oil glut is over, a host of storage tanks in Cushing, Oklahoma, tell a different story. Oil has surged 70 percent this year, to $20 a barrel for the first time since 1997, as weekly government and industry tallies showed inventories shrank. Yet some oilmen say the statistics lie, and that companies are intentionally understating inventories to fuel the perception of lower supplies and reinforce the rally in crude oil. ''It's out-and-out fraud,'' said Jim Stewart, the director of the Gulf Coast Business Unit for Plains Resources Inc., one of Cushing's biggest storage companies. ''The numbers, in our opinion, do not appear accurate.'' quote.bloomberg.com