Petroleum industry (1 - 10 of 49 items)
Petroleum Refining: Industry's Outlook Depends on Market Changes and Key Environmental Regulations
GAO-14-249: Published: Mar 14, 2014. Publicly Released: Apr 14, 2014.
Stakeholders GAO contacted and information reviewed by GAO identified the following three major changes that have recently affected the domestic petroleum refining industry:Increased production. U.S. and Canadian crude oil production have increased, leading to lower costs of crude oil for some refiners. After generally declining for decades, monthly U.S. crude oil production increased over 55 per...
Firms Reported in Open Sources as Having Commercial Activity in Iran's Oil, Gas, and Petrochemical Sectors
GAO-11-855R: Published: Aug 3, 2011. Publicly Released: Aug 3, 2011.
Iran's economy and government are reliant on revenues from its oil and gas industry. According to the 2011 Central Intelligence Agency World Factbook, oil accounts for approximately 80 percent of Iran's exports, and, according to the International Monetary Fund, Iran's 2009 oil revenues were about 66 percent of the Government of Iran's revenues. According to the Department of Energy (DOE), Iran ra...
Energy Markets: Estimates of the Effects of Mergers and Market Concentration on Wholesale Gasoline Prices
GAO-09-659: Published: Jun 12, 2009. Publicly Released: Jun 26, 2009.
In 2008, GAO reported that 1,088 oil industry mergers occurred between 2000 and 2007. Given the potential for price effects, GAO recommended that the Federal Trade Commission (FTC), the agency with the authority to maintain petroleum industry competition, undertake more regular retrospective reviews of past petroleum industry mergers, and FTC said it would consider this recommendation. GAO was ask...
Energy Markets: Analysis of More Past Mergers Could Enhance Federal Trade Commission's Efforts to Maintain Competition in the Petroleum Industry
GAO-08-1082: Published: Sep 25, 2008. Publicly Released: Sep 25, 2008.
During the late 1990s, many petroleum companies merged to stay profitable while crude oil prices were low, and in recent years mergers have continued. Congress and others have concerns about the impact mergers might be having on competition in U.S. petroleum markets. The Federal Trade Commission (FTC) has the authority to maintain competition in the petroleum industry and reviews proposed mergers...
Strategic Petroleum Reserve: Improving the Cost-Effectiveness of Filling the Reserve
GAO-08-726T: Published: Apr 24, 2008. Publicly Released: Apr 24, 2008.
The Strategic Petroleum Reserve (SPR) was created in 1975 to help protect the U.S. economy from oil supply disruptions and currently holds about 700 million barrels of crude oil. The Energy Policy Act of 2005 directed the Department of Energy (DOE) to increase the SPR storage capacity from 727 million barrels to 1 billion barrels, which it plans to accomplish by 2018. Since 1999, oil for the SPR h...
Energy Markets: Mergers and Other Factors That Influence Gasoline Prices
GAO-07-894T: Published: May 23, 2007. Publicly Released: May 23, 2007.
Few issues generate more attention and anxiety among American consumers than the price of gasoline. The most current upsurge in prices is no exception. According to data from the Energy Information Administration (EIA), the average retail price of regular unleaded gasoline in the United States has increased almost every week this year since January 29th and reached an all-time high of $3.21 the we...
Energy Markets: Factors That Influence Gasoline Prices
GAO-07-902T: Published: May 22, 2007. Publicly Released: May 22, 2007.
Few issues generate more attention and anxiety among American consumers than the price of gasoline. The most current upsurge in prices is no exception. According to data from the Energy Information Administration (EIA), the average retail price of regular unleaded gasoline in the United States has increased almost every week this year since January 29th and reached an all-time high of $3.10 the we...
Oil and Gas Royalties: A Comparison of the Share of Revenue Received from Oil and Gas Production by the Federal Government and Other Resource Owners
GAO-07-676R: Published: May 1, 2007. Publicly Released: May 1, 2007.
Amid rising oil and gas prices and reports of record oil industry profits, a number of governments have taken steps to reevaluate and, in some cases, increase the share of oil and gas revenues they receive for the rights to develop oil and gas on their lands and waters. For example, the State of Alaska has recently passed new oil and gas legislation that will increase the state's share of revenue...
Crude Oil: California Crude Oil Price Fluctuations Are Consistent with Broader Market Trends
GAO-07-315: Published: Jan 19, 2007. Publicly Released: Feb 20, 2007.
California is the nation's fourth largest producer of crude oil and has the third largest oil refining industry (behind Texas and Louisiana). Because crude oil is a globally traded commodity, natural and geopolitical events can affect its price. These fluctuations affect state revenues because a share of the royalty payments from companies that lease state or federal lands to produce crude oil are...
Strategic Petroleum Reserve: Available Oil Can Provide Significant Benefits, but Many Factors Should Influence Future Decisions about Fill, Use, and Expansion
GAO-06-872: Published: Aug 24, 2006. Publicly Released: Oct 3, 2006.
Congress authorized the Strategic Petroleum Reserve (SPR), operated by the Department of Energy (DOE), to release oil to the market during supply disruptions and protect the U.S. economy from damage. The reserve can store up to 727 million barrels of crude oil, and currently contains enough oil to offset 59 days of U.S. oil imports. GAO answered the following questions: (1) What factors do experts...