API: U.S. petroleum industry cuts Y2K risk

The U.S. petroleum industry is making good progress on readiness for the Year 2000 (Y2K) computer problem, American Petroleum Institute told a U.S. congressional committee recently. Red Cavaney, API president, told a special Senate committee on the Y2K problem, "We have a responsibility to our customers, our employees, and our shareholders to be prepared, and we will meet that responsibility." Capt. Phillip M. Davies, area operations manager of Chevron Shipping Co. LLC, also testified on behalf of API. He said that, after participating in several international Y2K conferences for the maritime community, "My opinion of the readiness of the oil shipping industry to meet the ch...

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