Faults Exposed in Oil-Data Collection---------More Fuzzy Numbers to confuse the situation

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Ken C
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Joined: Feb 13 2009
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Faults Exposed in Oil-Data Collection---------More Fuzzy Numbers to confuse the situation

Looks like the EIA is using potentially faulty information to report the oil supply data. They don't seem to be too worried so we should all just relax and take it easy. The government will let us know if there is a problem- you betcha.

 

Faults Exposed in Oil-Data Collection

The U.S. government faces "critical" shortcomings in producing its oil-inventory data, according to internal Department of Energy documents, casting doubt on figures that affect the production and prices of the world's most important industrial commodity.

The documents, obtained through a Freedom of Information Act request, expose several errors in the Energy Information Agency's weekly oil report, including one in September that was large enough to cause a jump in oil prices, and a litany of problems with its data collection, including the use of ancient technology and out-of-date methodology, that make it nearly impossible for staff to detect errors. A weak security system also leaves the data open to being hacked or leaked, the documents show.

http://finance.yahoo.com/banking-budgeting/article/109123/faults-exposed...

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