Crude oil (1 - 10 of 67 items) in Custom Date Range
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: 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: Increasing Globalization of Petroleum Products Markets, Tightening Refining Demand and Supply Balance, and Other Trends Have Implications for U.S. Energy Supply, Prices, and Price Volatility
GAO-08-14: Published: Dec 20, 2007. Publicly Released: Jan 18, 2008.
To better understand how changes in domestic and international petroleum products markets have affected prices, GAO was asked to evaluate trends in (1) the international trade of petroleum products, (2) refining capacity and intensity of refining capacity use internationally and in the United States, (3) international and domestic crude oil and petroleum product inventories, and (4) domestic petro...
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...
Energy Security: Issues Related to Potential Reductions in Venezuelan Oil Production
GAO-06-668: Published: Jun 27, 2006. Publicly Released: Jun 27, 2006.
Venezuela is the world's eighth-largest oil exporter and among the top 10 countries in total proven oil reserves. Venezuela also supplies about 11 percent of current U.S. imports of crude oil and petroleum products and wholly owns five refineries in the U.S. Consequently, Venezuela is a key player in the future energy security of the United States and the world. The current global oil market is ti...
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...
Alaskan Crude Oil Exports
T-RCED-90-59: Published: Apr 5, 1990. Publicly Released: Apr 5, 1990.
GAO discussed the potential consequences of lifting the existing ban on the export of Alaskan North Slope (ANS) crude oil, focusing on the changes in the Alaskan oil trade that are likely to occur and how those changes could affect the U.S. economy and energy security. GAO noted that: (1) removal of the ban would likely result in the export of ANS crude oil to Pacific Rim countries, since oil tran...
The Strategic Petroleum Reserve Amendments of 1989
T-RCED-89-38: Published: May 4, 1989. Publicly Released: May 4, 1989.
GAO discussed the proposed Strategic Petroleum Reserve (SPR) Amendments of 1989 and alternative, nontraditional methods for financing SPR. GAO noted that: (1) the amendments extended the authorizing legislation for SPR and required the Department of Energy (DOE) to fill SPR at the highest practicable rate and plan for its expansion to 1 billion barrels; (2) as of April 1989, SPR contained over 565...