American Petroleum Institute: 'Industry supplies adequate for Y2k rollover'greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
AMERICAN PETROLEUM INSTITUTE: 'INDUSTRY SUPPLIES ADEQUATE FOR Y2K ROLLOVER PERIOD'
Story Filed: Wednesday, December 15, 1999 12:30 PM EST
WASHINGTON, Dec 15, 1999 /PRNewswire via COMTEX/ -- Demand for most petroleum products, as measured by "deliveries" from the industry to distributors, continued upward in November at 19.746 million barrels a day (b/d), a 5.7 percent increase compared to a year ago, the American Petroleum Institute (API) reported today. It also was the largest year-to-year increase since October 1996, API's Monthly Statistical Bulletin reported.
The Bulletin's analysis said the nearly 14 percent increase in distillate fuel oil deliveries, used to make diesel fuel and to heat homes, was more of a surge in fuel leaving refineries, large bulk terminals and pipelines to distributors than anything to do with possible Y2K stockpiling. However, by the end of the month distillate deliveries were down by 20 to 30 percent from earlier in the month. Stocks of 135.5 million barrels were down 12.4 percent since November '98 and off 1.7 percent during the month of November '99.
By mid-December, API officials said industry supplies were adequate for the Y2K rollover period and that companies reported their computer systems ready and able to handle winter demand surges as in the past with a network of multiple supply sources. With the industry's extensive corrections, testing and contingency planning industry experts said it is unlikely there will be any major systems stress due to possible Y2K glitches.
Gasoline deliveries of 8.245 million b/d increased only 1 percent compared to November '98. Even though early fall retail prices were nowhere near historical highs on an inflation-adjusted basis, they were up 27 percent above last fall's exceptionally low pump prices to moderate at least some of the demand, API reported.
U.S. crude oil production declined 3.2 percent to 5.942 million b/d compared to November '98. The estimated daily national production decline was nearly 200,000 barrels, and 75 percent of that was in production in Alaska, the source of one-sixth of domestic oil. Slightly more than 1 million b/d was extracted there last month compared to peak production of more than 2 million b/d in the late 1980s. The decline was due to the continuing depletion of major oil fields, power problems and scheduled downtime for equipment installation, the API report said.
Crude oil imports of 8.056 million b/d were down almost 10 percent from a year ago, continuing a monthly decline that began this July apparently because of rising crude oil prices, said the report. Imported petroleum products also declined to 1.787 million b/d, a 6.9 percent drop from November '98, their lowest level in nearly two years.
Other highlights of the November report:
* Kerosene jet fuel deliveries of 1.704 million b/d were up 4.3 percent over November of last year. * Deliveries of residual fuel oil of 672,000 b/d dropped 21.6 percent over the year's time, but not as alarming a decline as it would seem for this commodity that often has large volume changes, the Monthly Statistical Report pointed out. * All other oil deliveries (liquefied petroleum gasses, ethane, propane and petrochemical feedstocks) of 5.242 million b/d increased 9.5 percent from November '98. But stocks of these oils of 155.3 million barrels were down 28.1 percent in the year. * Production of natural gas liquids of 1.887 million b/d was up 6.7 percent from a year ago. * Total imports of 9.843 million b/d fell 9.4 percent over the year's time. * Crude oil stocks of 300.6 million barrels were down 10.3 percent from November '98 levels. * Gasoline inventories of 196,900,000 barrels were down 7.5 percent from a year ago and there was no change in November this year compared to October '99. * Stocks of kerosene jet fuel of 40.3 million barrels were down 11.3 percent from November '98 and down 6.5 percent during the month just past. * Residual fuel oil inventories of 39.1 million barrels were down 8.4 percent from year ago levels. * November's refinery utilization rate was 90.8 percent. * Total petroleum stocks at the end of November were 962,000,000 barrels.
December 15, 1999 ck (F) NOTE: 1 barrel = 42 U.S. gallons
SOURCE American Petroleum Institute (C) 1999 PR Newswire. All rights reserved. http://www.prnewswire.com
CONTACT: Chris Kelley of the American Petroleum Institute, 202-682-8181
WEB PAGE: http://www.api.org GEOGRAPHY: District of Columbia
-- Homer Beanfang (Bats@inbellfry.com), December 15, 1999
Venezuela Lags Badly in Y2K Readiness
The government of Venezuela has only begun to identify and correct possible year 2000 computer problems in the past several months. Most countries have spent years correcting potential problems. Analysts have blamed the delays on the bad economic conditions as well as political battles within the country. Many private businesses have been preparing for a year or more.
For additional information refer to The Wall Street Journal or go to http://www.wsj.com.
-- Homer Beanfang (Bats@inbellfry.com), December 15, 1999.
So what are they saying? There will be enough petroleum for 7 days (Dec.28 - Jan. 2)?
-- Ellen (Ellen@watchingeyes.com), December 15, 1999.