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tC. Inventory Analysis <br /> ' Time Oil Co. practices strict inventory accounting <br /> ' procedures. Annual inventory variation at the <br /> Stockton terminal is typically less than 0. 05°% of <br /> throughput, which is well below industry standards. <br /> ' Daily gauging is measured to 1/16 inch and corrected <br /> to 60 F (within 0. 1 F) based on 0. 1 API gravity; <br /> ' all of which exceed industry standards for precision. <br /> Detailed records of all product movements permit <br /> ' reconciliation of most inventory "gains" or "losses" . <br /> Inventories for all tanks have been thoroughly <br /> ' investigated for the last six months. Although <br /> there are some unexplainable variations these <br /> records give no indication of leakage. <br /> 1 <br /> D. Meter Proving <br /> ' State law requires that meters at the truck loading <br /> ' rack be maintained within certain tolerances. To <br /> meet this requirement, Time Oil's meters are proved <br /> ' quarterly, or more frequently if there is an <br /> unexplained inventory variation. The Stockton <br /> terminal meters were proved on March 1 and March 16, <br /> ' 1988 and were found to be well within state <br /> tolerances. <br /> tE. Test Pits <br /> 1 A total of 17 exploratory test pits were excavated <br /> ' on Time Oil property, 14 by backhoe and 3 by hand <br /> (Figure 1 in back pocket) . Each pit extended at <br /> least several feet below the water table. Notes <br /> ' were taken on soil profile and appearance of product <br /> (Appendix D) . Reference elevations and locations <br /> 1 <br /> ' - 4 - <br />