EIA uses outdated methods for weekly oil reports, documents indicate

03/19/2010 | Wall Street Journal, The

The Energy Information Agency is using 30-year-old technology and out-of-date methods and made several errors in its weekly oil-inventory reports, including one in September that led to a surge in the price of oil, according to internal documents from the U.S. Department of Energy obtained by Dow Jones Newswires. The documents include a consulting firm's report, which asserts that the EIA "has clearly not devoted adequate resources to the ongoing evolution of the [weekly report] over the last decade."

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