Purchase Price of Strategic Petroleum Reserve Oil Fair but Payment Timing Is Costly
PSAD-80-30
Published: Apr 03, 1980. Publicly Released: Apr 03, 1980.
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Highlights
The Defense Fuel Supply Center (DFSC) is responsible for buying oil for the Strategic Petroleum Reserve. According to Department of Energy expectations, the reserve will ultimately contain 1 billion barrels of oil at a cost of $22.6 billion for the first 750 million barrels. A review was made of the cost of the 113 million barrels of oil purchased through June 30, 1979.
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Defense procurementEnergy suppliesFederal procurement policyFederal supply systemsFinancial managementFunds managementNational defense operationsPetroleum storagePrompt payment discountsCrude oil