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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?


To: Ken who wrote (4755)3/18/1999 8:36:00 AM
From: Hawkmoon  Read Replies (1) | Respond to of 9818
 
Ken,

Yes, I've read the Chevron 10Q from November and their Y2K statement.

Now whether they'll be able to refine oil or not is a major issue. And Roleigh is a very respectable guy. But the problem with sources is that they need to be confirmed.

Further, one needs to watch the Future's market in petroleum products for year 2000 delivery. People in the future's markets are not dummies and were it true that their may not be any production for an extended period of time, it would be difficult information to conceal (corporate "spies" and all selling that information to Wall Street speculators).

Now I NOT SAYING there won't be any disruptions, but from an analytical point of view, these sources need to be officially confirmed and the information brought to light.

Ask yourself, would you make a decision to buy Mar-July, 2000 contracts on #2 fuel oil, natural gas, and unleaded gasoline based upon the information we have now???

Kinda like those who purchased gold a year ago only to find the market continue to go up and gold languish.

Regards,

Ron



To: Ken who wrote (4755)3/19/1999 3:27:00 PM
From: C.K. Houston  Read Replies (2) | Respond to of 9818
 
To see what happens to a city of 4.6 million, when gas supply is cut off ... see what happened to Victoria, Australia October '98 GAS CRISIS.

All commercial and domestic use of mains gas was banned following an explosion, and fire at the state's key supply terminal on September 25, 19988. Victorian households were without gas for nearly two weeks, as a result of the explosion at Esso's Longford plant.

Victoria's gas crisis created turmoil throughout the Australian economy for weeks as the nation's "heartland" of industry shut down, suspending billions of dollars worth of exports, leaving tens of thousands of workers facing layoffs and most of Victoria without natural gas for 2 weeks.

State Emergency Service (SEC) volunteers [4,000] had the huge job of turning off gas supplies individually to nearly 1.4 million Victorian domestic and commercial customers.

Government used emergency powers in a desperate effort to keep gas in the grid. Fines for not complying initially started at $500 when crisis occurred. Within a week government increased fine to $10,000 for individuals and $100,000 for businesses. ,

Police & military were called in to enforce emergency powers, and removed gas meters from homes and businesses found to be using gas. People who had had their meters taken away were the last to have their gas reconnected.

Initially only hospitals and nursing homes were allowed to use the limited gas supplies brought in from another region of Australia. (10% of normal amt). Nonetheless, hospitals and nursing homes had no hot water, no hot meals and restricted linen supplies. Army supplied sterilization units to hospitals.

When gas was later available, domestic users - not commercial - were first to get restricted amount of gas to use for water heaters and cooking - not for home heating.

Basic food items like milk and bread were rationed.
theaustralian.com.au

Economy took a 1.3 billion dollar hit. Thousands of layoffs in every business.

LOOK WHAT THEY HAVE TO LOOK FORWARD TO THIS COMING WINTER, even without Y2K problems:

Esso will not be able to meet Victoria's gas needs next winter [99] no matter whether it opted to rebuild or replace the damaged Longford No.1 processing plant, an industry expert predicted ... the gas and oil giant will not have time to either rebuild or replace the plant by winter ... Winter [99] supply restrictions could be expected consequently ... and they will likely lead to a general ban on householders using gas central heating. To build a new plant on a new site, would take up to three years.
theage.com.au

Victoria Australia: Y2K Beta Test Zone
x12.dejanews.com[ST_rn=ps]/getdoc.xp?AN=395670762&search=thread&threaded=1&CONTEXT=921869625.1279524949&HIT_CONTEXT=921869401.1278476318&HIT_NUM=17&hitnum=0

Here's where I parked more details and corroboration on Victoria, Australia Oct '98 Gas Crisis
Message 8415334

Cheryl