Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: Charles A. King who wrote (10601)	5/25/1999 11:48:00 AM
From: Charles A. King	Read Replies (1) \| Respond to of 13091

What will happen if the oil industry isn't prepared for Y2K? nandotimes.com; Report questions readiness of oil industry for Y2K trouble Copyright © 1999 Nando Media Copyright © 1999 Associated Press By JIM ABRAMS WASHINGTON (May 24, 1999 3:47 p.m. EDT nandotimes.com) - The oil and gas industry, despite its dependence on computers, has too many question marks about its plans to deal with Year 2000 computer problems, according to a congressional report. The General Accounting Office, the investigative arm of Congress, said while individual companies are confronting possible problems, no national-level approach has emerged to deal with shortages or disruptions in the nation's oil and gas supplies. "The oil and gas industry is highly automated, and the task to remediate all critical systems is enormous," said Sen. Robert Bennett, R-Utah, who requested the report and who chairs a special Senate panel on the Y2K problem with vice chairman Sen. Christopher Dodd, D-Conn. "It appears they started too late." Citing an industry survey taken in February, the GAO said more than a quarter of the industry does not expect to be Y2K ready until the second half of 1999, "leaving little time for resolving unexpected problems." American Petroleum Institute spokesman Juan Palomo said the industry has taken extensive steps to fix computers and prepare for contingencies. He said it has long experience in dealing with natural disasters and other crises and has backups for every system. "We are very confident that we will do everything that needs to be done to continue the flow of oil to American consumers," he said. The report also noted that more than half of U.S. oil is imported, which leaves the country vulnerable to production and transportation problems in other countries that have done less to prepare for the possibility that some computers will read 2000 as 1900. The report said if the flow of foreign oil imports is interrupted, oil can be supplied by the Strategic Petroleum Reserve, which now holds nearly 600 million barrels of oil. The reserve can supply about 3.9 million barrels a day for 90 days, three-eighths of daily imports. Charles