Oil resources (1 - 10 of 29 items)
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...
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...
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...
Oil and Gas Development: Challenges to Agency Decisions and Opportunities for BLM to Standardize Data Collection
GAO-05-124: Published: Nov 30, 2004. Publicly Released: Jan 3, 2005.
U.S. consumption of oil and natural gas increasingly outpaces domestic production, a gap that is expected to grow rapidly over the next 20 years. There has been increasing concern about U.S. reliance on foreign energy sources. One option being considered is to increase domestic production of resources on land under the jurisdiction of the Department of the Interior's Bureau of Land Management (BLM...
Energy Policy: Ranking Options to Improve the Readiness of and Expand the Strategic Petroleum Reserve
RCED-94-259: Published: Aug 18, 1994. Publicly Released: Aug 25, 1994.
GAO reviewed readiness and expansion options for the Strategic Petroleum Reserve (SPR), focusing on: (1) eliminating problems related to the buildup of geothermal heat and gas in some crude oil in SPR; (2) replacing existing facilities and systems to extend the useful life of the reserve; (3) filling SPR to the current 750-million-barrel capacity or expanding and filling SPR to 1 billion barrels;...
Energy Security and Policy: Analysis of the Pricing of Crude Oil and Petroleum Products
RCED-93-17: Published: Mar 19, 1993. Publicly Released: Mar 29, 1993.
Pursuant to congressional requests, GAO analyzed the pricing of crude oil and petroleum products under normal market conditions and during market shocks.GAO found that: (1) although the Organization of Petroleum Exporting Countries (OPEC) no longer sets prices for crude oil, members' decisions about the supply of oil can still have a significant impact on world oil prices; (2) crude oil is a scarc...
Long-Term Policies Needed to Address Energy Use and Price Volatility
T-RCED-90-105: Published: Sep 5, 1990. Publicly Released: Sep 5, 1990.
GAO discussed the oil price increases that have taken place since Iraq's invasion of Kuwait. GAO noted that: (1) between August 1 and August 23, 1990, the price for oil futures increased from $21 per barrel to almost $32 per barrel before falling to about $27 on August 27; (2) retail gasoline prices increased about 10 cents a gallon after a major oil spill in March 1989; (3) retail home heating oi...
Energy Policy: Developing Strategies for Energy Policies in the 1990s
RCED-90-85: Published: Jun 19, 1990. Publicly Released: Jun 19, 1990.
Pursuant to a congressional request, GAO provided information on energy policy issues, focusing on: (1) energy consumption; (2) increased dependence on imported oil from Persian Gulf sources; (3) uncertainty over the adequacy of future generating capacity; and (4) concern for the potentially adverse environmental effects of energy consumption.GAO found that: (1) since 1983, U.S. energy consumption...
Energy Security and the World Oil Market
T-RCED-90-12: Published: Nov 8, 1989. Publicly Released: Nov 8, 1989.
GAO discussed the possible economic and other impacts of an oil supply disruption. GAO noted that: (1) a major oil supply disruption would severely impact the entire economy; (2) U.S. oil consumption and dependence on external oil sources have increased since 1985 after a significant decline and are now approaching 1976 levels; (3) world oil production outside of the Organization of Petroleum Expo...
Energy Security: An Overview of Changes in the World Oil Market
RCED-88-170: Published: Aug 31, 1988. Publicly Released: Aug 31, 1988.
GAO evaluated changes in the world oil market to: (1) determine how U.S. vulnerability to an oil crisis has changed in the last decade; and (2) identify areas of potential significance to U.S. energy security.GAO found that: (1) lower oil imports and oil consumption have significantly curtailed U.S. and other major oil-importing countries' dependency on imported oil; (2) abundant oil supplies, inc...