http://biz.yahoo.com/prnews/991220/nj_y2k_fea_1.html

-- Linkmeister (link@librarian.edu), December 20, 1999

Answers

[Fair Use: For Educational/Research Purposes Only]

Monday December 20, 1:00 pm Eastern Time

Company Press Release

SOURCE: OPIS Energy Group

Y2K Fears Beyond Date Change for Domestic and Foreign Oil Supply Fronts

LAKEWOOD, N.J., Dec. 20 /PRNewswire/ -- Fears that the U.S. motoring public may be inspired to top off tanks in the last ten days of 1999 are rising, thanks in part to front page press coverage that is raising the prospects of gasoline lines and shortages.

A cover story in this morning's (12/20/99) USA Today suggests that many pumps could be drained dry as millions of drivers race to top off tanks in a year end rush. The newspaper calculates that a year end ``two day topping-off party'' at the country's service stations could empty stations before they can be replenished by the distribution system.

Although many oil officials downplay the problem, for fear of creating a self-fulfilling prophesy, reports indicate that the industry has asked for temporary waivers on regulations that require transport truck drivers to get a minimum nine hours rest. Such a request is targeted at keeping trucks with familiar logos as BP Amoco, Chevron, Exxon, Mobil, Shell, Texaco, Conoco, Tosco, Arco, and Citgo moving so that service stations won't see interruptions for long.

The fears about gasoline shortages aren't just being raised on the domestic side. United Nations officials told Bloomberg this weekend that Persian Gulf countries might be inadequately prepared for the Year 2000 computer problem. The story cited possible production and transportation problems in such OPEC producing countries as Saudi Arabia, Kuwait, Oman, Qatar, the United Arab Emirates and Bahrain. Nearly half of the world's proven crude oil reserves are found in the region.

Many oil marketers believe that front page stories in newspapers and prominent segments on national TV telecasts may have more of an impact on distribution than actual Y2K glitches. Oil companies continue to encourage consumers to refrain from topping off tanks, but the media attention could create an unprecedented demand surge between Christmas and New Years.

To keep informed on changes in oil supply and prices during the next few weeks, Oil Price Informaton Service (OPIS) will provide a free ``40 Days of Y2K'' bulletin service. OPIS will deliver urgent market updates regarding wholesale gasoline, diesel, and heating oil prices for the period from Tuesday, December 21 through February 1, 2000.

To receive these timely bulletins, just register at http://www.opisnet.com. There are no restrictions.

SOURCE: OPIS Energy Group

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-- Linkmeister (link@librarian.edu), December 20, 1999.

"The fears about gasoline shortages aren't just being raised on the domestic side. United Nations officials told Bloomberg this weekend that Persian Gulf countries might be inadequately prepared for the Year 2000 computer problem. The story cited possible production and transportation problems in such OPEC producing countries as Saudi Arabia, Kuwait, Oman, Qatar, the United Arab Emirates and Bahrain. Nearly half of the world's proven crude oil reserves are found in the region."

This not something we have seen in the mainstream media before. Has anyone seen any other stories confirming.

-- gary (a@a.com), December 20, 1999.

This isn't really news to many of the regulars on this forum...but is apparently a major revelation to many media players...

-- Mad Monk (madmonk@hawaiian.net), December 20, 1999.

Remember odd/even plate days and 5 gallon limits? (Or is 42 so old that we might as well be talking about Napoleon's day?) Expect something like that system to recur.

Here is another incident someone more experienced than me on these things can look up. During the gas crisis, a long line of cars piled up on an exit ramp in Pennsylvania, as I recall, and the station ran out of gas. Word spread down the line of cars and soon there was chaos. People started pulling guns out of their cars and it took NG troops to quell the riot! Someone who has access to archives can search this out, it was in 1973, in August I believe, but in warm weather for sure. (Notice there never are riots up North in subfreezing cold.)

Another memory dusted off from that time.....before the oil crisis, no one ever had a locking gas cap. Hippies used to 'bum' their way across the country by siphoning small amounts of gas from cars in parking lots...but during the crisis it got so bad that siphons were outlawed and locking gas caps became the norm. In fact I don't ever remember a locking gas cap before '73.

President Carter appeared on T^V in a sweater and piously preached the virtues of lower thermostats. At first this was voluntary, then mandatory for public buildings, and then there was talk of mandatory restrictions and penalizing over-users, and then Opec struck a deal. But if it had continued, it would have gotten very wierd. And this was, according to figures I've seen bandied about, somewhere between a 4 and 7% shortfall.

Just a jog down memory lane..."the future is like the past, only different."

-- Forrest Covington (theforrest@mindspring.com), December 20, 1999.

Yes, I know it is not news to the forum. That why my post states "This not something we have seen in the mainstream media before." Seems self-explanitory.

-- gary (a@a.com), December 21, 1999.

Forrest, By coincedence I'm 42. We both probably learned to drive by waiting in line at the local station for our parents commute to work. I also remember the refrain of many people on a budget before the gas price spike, "A dollar's worth please". That was around 4 gallons back then.

-- gary (a@a.com), December 21, 1999.

Forrest,

I am in my mid-30s, but 6 years ago when I taught an introductory economics course at an ELITE small college in the Northeast, I got blank stares when I talked about the oil crises. Nobody's parents mention these things over dinner anymore?

Of course, this past week my wife asked me if I had been born during the Great Depression.

-- nothere nothere (notherethere@hotmail.com), December 21, 1999.