Either the oil never existed, or spreadsheet errors, secrecy by oil-producing nations, or some other cause or causes account for the discrepancy. The 300 million barrels would fill 135 tanker ships. If the crude oil exists and is being stored it would significantly depress crude oil prices for months, according to the Journal . According to the Journal , the missing crude may be in any number of places. The missing crude oil may be stored aboard tankers held at sea and stored in Third World countries.
Most oil companies refuse to divulge how much crude oil they have in storage.
The target for much of the oil analysts' ire is the International Energy Association, the world's leading authority on energy statistics. Energy analysts are angry at the IEA for consistently overstating supply. In response to outcries from small oil producers in New Mexico, U.S. Senator Pete Domenici has asked the U.S. General Accounting Office to examine how the IEA collects and processes its data. The IEA has responded that collecting petroleum data is an inexact science. The article was written by Journal staff reporter Steve Liesman, and appears on page C1.