API denies GAO study's claim of Y2K problems

The American Petroleum Institute is challenging a U.S. General Accounting Office study that alleged the oil and gas industries are lagging in their Year 2000 computer problem readiness.GAO, a congressional watchdog agency, said one fourth of oil and gas companies reported earlier this year that they did not expect to be Y2K-ready until the second half of 1999, "leaving little time for resolving unexpected problems."It was equally concerned about U.S. vulnerability to Y2K production and transportation failures in foreign exporting countries. It said the U.S. needs a national contingency plan to deal with potential oil import interruptions on Jan. 1.Sen. Robert Bennett (R-Utah), chairman of...

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