Oil Reserves:

An Analysis of Costs--Past, Present, and Future

RCED-87-204FS: Published: Sep 29, 1987. Publicly Released: Oct 13, 1987.

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Pursuant to a congressional request, GAO investigated the cost of the Strategic Petroleum Reserve (SPR).

GAO found that: (1) the total estimated cost of developing and filling SPR through fiscal year 1987 was $18 billion, with an average per-barrel cost of $33.74; (2) the estimated cumulative incremental cost per barrel for oil-fill activities was $23.00 for 1988 through 1992, $25.85 for 1988 through 1997, and $25.85 for 1988 through 2002; and (3) there was little agreement on what the market price of crude oil would be under conditions which might lead to an SPR drawdown.

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