Wednesday, May 30, 2007

Oops! False Tulsa TV Refinery Report Causes Oil Price Spike

A Tulsa television's station's erroneous report about a fire at the Wynnewood refinery in south central Oklahoma caused a brief spike in oil prices today, according to wire reports.

Reuters reported that "oil prices jumped briefly on Wednesday after a television station in Tulsa, Oklahoma -- the No. 62 U.S. media market -- posted an erroneous story about a refinery fire on its Web site."

According to the wire service, KOTV Channel 6 reported this morning that a lightning strike had caused a fire at the Oklahoma refinery. The report, Reuters said, sparked "a flurry of excitement among energy traders and boosting U.S. crude prices 40 cents."

Only one tiny problem: There was no fire at the refinery today. The station has corrected the story.

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