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

To: J.L. Turner who wrote (5693)	5/12/1999 9:59:00 AM
From: flatsville	Read Replies (4) \| Respond to of 9818

Picked this up from csy2k re: oil and gas remediation. I don't understand if this is recent testimony or a re-hash of old testimony. I will try to get clarification. There is scant information in the testimony of the API President before the Senate, but he did drop a few numbers from an "updated" survey of the 1,000 Oil and Natural Gas companies that supply 88% of the US market: "More than four-fifths - 86 percent - of the companies are in the final stages of fixing and testing their business information systems" Which means that at best 14% have finished. "Seventy-eight percent of the respondents are in the final stages of fixing and testing hardware and embedded systems to ensure their operational integrity." Which means that at best 22% have finished. "The overwhelming majority of companies responding - 94 percent - said they would be Y2K ready by September 30, 1999" Has September 30th 1999 become the absolutely last deadline when everyone says they will be ready? These are StasCanada numbers again. They are going to go from something less than 14% ready to 94% ready in the next 5 months. "These figures, which show an improvement in the industry's readiness, update survey data from last year. We believe it is important that the latest data be part of the official Senate record, because they show the industry's progress and also help ease any consumer concerns that are based on outdated information." It did not ease my concern at all. With seven months to go, 60-70% of the projects complete would ease my concern. Forty or fifty per cent, okay some concern, but still I could still cross some fingers. But at best 14-22%? It is probably more like 8-16% because the 6% of firms who admit they are not going to make the deadline, also probably did not claim to be in the final stages of anything. "Our survey results are only one reason for our confidence in the industry's ability to meet the challenge of Y2K. Because of the nature of our industry, crisis planning is a fundamental part of any company's daily business..." The survey results are an excellent reason for the public to doubt the ability of the industry to meet the challenge. Crisis planning? What crisis? Didn't you hear? Y2k is yesterday's news. They fixed it. Tom