Petroleum prices (1 - 10 of 64 items)
Bulk Fuel Pricing: DOD Needs to Take Additional Actions to Establish a More Reliable Methodology
GAO-16-78R: Published: Nov 19, 2015. Publicly Released: Nov 19, 2015.
The Department of Defense (DOD) adjusted its methodology for developing the standard fuel price for fiscal year 2016 in order to develop a more precise estimate, but the new methodology does not reflect actual market conditions or fully account for risks to the reliability of its fuel cost estimate. In July 2014, GAO found that DOD had not updated its approach to establish the standard price for f...
Crude Oil Export Restrictions: Studies Suggest Allowing Exports Could Reduce Consumer Fuel Prices
GAO-15-745T: Published: Jul 8, 2015. Publicly Released: Jul 8, 2015.
In September 2014, GAO reported that according to studies it reviewed and stakeholders it interviewed, removing crude oil export restrictions would likely increase domestic crude oil prices, but could decrease consumer fuel prices, although the extent of price changes are uncertain and may vary by region. The studies identified the following implications for U.S. crude oil and consumer fuel prices...
Changing Crude Oil Markets: Allowing Exports Could Reduce Consumer Fuel Prices, and the Size of the Strategic Reserves Should Be Reexamined
GAO-14-807: Published: Sep 30, 2014. Publicly Released: Oct 20, 2014.
The studies GAO reviewed and stakeholders interviewed suggest that removing crude oil export restrictions is likely to increase domestic crude oil prices but decrease consumer fuel prices. Prices for some U.S. crude oils are lower than international prices—for example, one benchmark U.S. crude oil averaged $101 per barrel in 2014, while a comparable international crude oil averaged $109. Studies...
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...
Energy Markets: Refinery Outages Can Have Varying Gasoline Price Impacts, but Gaps in Federal Data Limit Understanding of Impacts
GAO-09-700: Published: Jul 30, 2009. Publicly Released: Jul 30, 2009.
In 2008, GAO reported that, with the exception of the period following Hurricanes Katrina and Rita, refinery outages in the United States did not show discernible trends in reduced production capacity, frequency, and location from 2002 through 2007. Some outages are planned to perform routine maintenance or upgrades, while unplanned outages occur as a result of equipment failure or other unforesee...
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...
Strategic Petroleum Reserve: Issues Regarding the Inclusion of Refined Petroleum Products as Part of the Strategic Petroleum Reserve
GAO-09-695T: Published: May 12, 2009. Publicly Released: May 12, 2009.
The possibility of storing refined petroleum products as part of the Strategic Petroleum Reserve (SPR) has been contemplated since the SPR was created in 1975. The SPR, which currently holds about 700 million barrels of crude oil, was created to help insulate the U.S. economy from oil supply disruptions. However, the SPR does not contain refined products such as gasoline, diesel fuel, or jet fuel...
Energy Markets: Refinery Outages Can Impact Petroleum Product Prices, but No Federal Requirements to Report Outages Exist
GAO-09-87: Published: Oct 7, 2008. Publicly Released: Nov 6, 2008.
In recent years, global demand for petroleum products such as gasoline and diesel fuel has grown more quickly than the capacity to produce them, creating a tight market. U.S. refiners have been running near capacity, particularly during peak summer demand. In such conditions, unexpected refinery outages can result in price increases that adversely affect consumers. GAO was asked to evaluate (1) th...
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: Options to Improve the Cost-Effectiveness of Filling the Reserve
GAO-08-521T: Published: Feb 26, 2008. Publicly Released: Feb 26, 2008.
The Strategic Petroleum Reserve (SPR) was created in 1975 to help insulate 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...