Wednesday, March 24, 2010

Generally speaking. . .

Accurate information is generally a good thing. Inaccurate information is generally a bad thing. Relying on inaccurate information can have serious consequences. For example, the March 19, 2010 Wall Street Journal story entitled “Faults Exposed in Oil-Data Collection” addresses the recent admission that the size of our strategic oil reserve is not precisely known because of outdated technology and methodology making “it nearly impossible for staff to detect errors” in the size of the reserve. As a result of errors the world‘s oil price is subject to fluctuations and it affects production of oil and prices.

As the “world’s most important industrial commodity” one would think we would manage the data a bit more rigorously.

Are you kidding me?-