Oil resources (51 - 60 of 221 items)
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...
California Crude Oil: An Analysis of Posted Prices and Fair Market Value
GGD-88-114: Published: Sep 8, 1988. Publicly Released: Oct 12, 1988.
In response to a congressional request, GAO reviewed whether posted crude oil prices in California reflected the oil's fair market value for federal windfall profit tax and royalty purposes.GAO found that: (1) Internal Revenue Service and Minerals Management Service studies showed that oil companies sold substantial quantities of oil at the prices considered as fair market value; (2) California an...
Naval Petroleum Reserve No. 1: Examination of DOE's Report on Divestiture
RCED-88-151: Published: Aug 25, 1988. Publicly Released: Sep 30, 1988.
In response to a congressional request, GAO examined: (1) the Department of Energy's (DOE) report on the proposed divestiture of Naval Petroleum Reserve 1 (NPR-1); and (2) whether DOE could lease the reserve instead of selling it.GAO found that the report did not justify the sale of NPR-1 assets, since it: (1) lacked a comprehensive study of all producing pools at NPR-1 to estimate the reserve's v...
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...
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...
Naval Petroleum Reserves-1: Data Corrections Made but More Accurate Reserve Data Needed
RCED-88-174: Published: Jun 28, 1988. Publicly Released: Jun 28, 1988.
Pursuant to a congressional request, GAO reviewed the Department of Energy's (DOE) actions to correct Naval Petroleum Reserve No. 1 (NPR-1) production data inaccuracies which GAO believed: (1) resulted from a lack of effective internal controls; (2) caused incorrect computation of NPR-1 maximum efficient production rates; and (3) could result in the government's not receiving its entire share of r...
Renewal of Authorities for U.S. Participation in the International Energy Program
T-NSIAD-88-32: Published: May 17, 1988. Publicly Released: May 17, 1988.
GAO discussed proposed legislation which would enable the United States to continue participating in the International Energy Program of the International Energy Agency (IEA). GAO noted that the IEA emergency sharing system: (1) draws upon emergency oil stocks and allocates available supplies during short-term oil supply disruptions; (2) serves to limit excessive price increases and prevent countr...
International Energy Agency: Plan To Provide Legal Defenses to Participating U.S. Oil Companies
NSIAD-88-89BR: Published: Feb 8, 1988. Publicly Released: Feb 18, 1988.
In response to a congressional request, GAO provided information on the Department of Justice's (DOJ) and the Federal Trade Commission's (FTC) efforts to: (1) expand antitrust and breach-of-contract defenses to protect U.S. oil companies from possible legal suits for participating in the International Energy Agency's (IEA) Emergency Oil Sharing System (ESS); and (2) resolve the problem of foreign...
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;...