Strategic petroleum reserves (1 - 10 of 86 items)
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...
Energy Policy: Energy Policy and Conservation Act Reauthorization
T-RCED-94-214: Published: May 25, 1994. Publicly Released: May 25, 1994.
Pursuant to a congressional request, GAO discussed the reauthorization of the Energy Policy and Conservation Act, focusing on the: (1) priority of options to improve the Strategic Petroleum Reserve (SPR); (2) International Energy Agency's (IEA) evolving mission; and (3) options for enhancing revenues from the Naval Petroleum Reserve (NPR). GAO noted that: (1) resolving readiness problems at SPR, s...
Naval Petroleum Reserve: Limited Opportunities Exist to Increase Revenues From Oil Sales in California
RCED-94-126: Published: May 24, 1994. Publicly Released: May 25, 1994.
Pursuant to a congressional request, GAO provided information on Naval Petroleum Reserve (NPR) oil sales, focusing on whether: (1) NPR oil sales to Gulf Coast and mid-continent refiners would increase government revenues and result in higher prices for the remaining NPR oil in California; (2) there are barriers that impede the shipment of NPR oil to refiners; (3) the Department of Energy (DOE) can...
International Energy Agency: Response to the Oil Supply Disruption Caused by the Persian Gulf Crisis
NSIAD-92-93: Published: Jan 21, 1992. Publicly Released: Feb 24, 1992.
Pursuant to a congressional request, GAO reviewed the: (1) International Energy Agency's (IEA) decision to draw down emergency oil stocks in response to the oil supply disruptions that followed Iraq's invasion of Kuwait; (2) U.S. policy on restraining oil demand; (3) U.S. position on domestic sharing of oil supplies in an emergency and oil companies' views on that position; and (4) Department of E...
Naval Petroleum Reserve No. 1: Work Still Needed to Improve Accuracy of Reserve Estimates
RCED-90-16: Published: Dec 13, 1989. Publicly Released: Feb 1, 1990.
Pursuant to a congressional request, GAO reviewed a Department of Energy (DOE) contractor's reserve data revisions for Naval Petroleum Reserve Number 1, an oil field jointly owned by the federal government and an oil company.GAO found that: (1) the revised data was inaccurate and outdated because the contractor was unable to conduct technical field analyses within the contract period; (2) the cont...
Oil Reserve: Status of Strategic Petroleum Reserve Activities as of September 30, 1988
RCED-89-63FS: Published: Jan 25, 1989. Publicly Released: Feb 2, 1989.
Pursuant to a congressional request, GAO reviewed the Department of Energy's (DOE) progress in developing, operating, and filling the Strategic Petroleum Reserve (SPR) during the 6 months ended September 30, 1988.GAO found that, during that period, DOE: (1) added 9.7 million barrels of crude oil to SPR, increasing the inventory to 554.7 million barrels; (2) disbursed $130 million to the Mexican na...
Status of Security Measures to Prevent Oil Flow Disruptions
T-RCED-89-3: Published: Dec 7, 1988. Publicly Released: Dec 7, 1988.
GAO provided unclassified information from a classified report regarding the Department of Energy's (DOE) security program for the Strategic Petroleum Reserve. GAO found that program goals are to: (1) limit site access to the extent feasible; and (2) develop recovery plans that would allow DOE to restore full operational capability within 15 to 30 days after an oil flow disruption. GAO also found...
Naval Petroleum Reserve No. 1: Efforts to Sell the Reserve
RCED-88-198: Published: Jul 28, 1988. Publicly Released: Jul 28, 1988.
In response to a congressional request, GAO reviewed the proposed sale of the Elk Hills, California, Naval Petroleum Reserve No. 1 (NPR-1), specifically the: (1) chronological events leading to and following sale proposals; (2) proposals to produce and sell NPR-1 oil and gas production for nonmilitary use; and (3) Department of Energy's (DOE) 1987 divestiture report.GAO found that: (1) Congress mu...
Oil Reserves: Status of Strategic Petroleum Reserves as of March 31, 1988
RCED-88-175FS: Published: Jun 24, 1988. Publicly Released: Jul 1, 1988.
In response to a congressional request, GAO presented its semiannual review of the Department of Energy's (DOE) progress in developing, operating, and filling the Strategic Petroleum Reserve (SPR).GAO found that: (1) as of March 31, 1988, the SPR inventory totalled 544.9 million barrels of oil; (2) during the previous 6 months, DOE added 11 million barrels of crude oil at an average fill rate of 6...
Proposed Sale of the Naval Petroleum Reserves
T-RCED-88-17: Published: Jan 29, 1988. Publicly Released: Jan 29, 1988.
GAO discussed the proposed sale of Naval Petroleum Reserves 1 and 3, focusing on the: (1) adequacy of reserve and production information; (2) current operating contract; and (3) impact of discount rates and oil prices on divestiture. GAO found that: (1) there was insufficient accurate data on past production, estimated recoverable reserves, and appropriate production rates to support divestiture;...