How States Are Using Exxon and Stripper Well Funds
RCED-88-145FS: Published: May 16, 1988. Publicly Released: Jun 16, 1988.
In response to a congressional request, GAO provided information on states' use of funds received under certain oil overcharge proceedings.
GAO found that: (1) as of June 30, 1987, states received $1.969 billion in one case and $788 million in another case; (2) 52 states that responded to its questionnaire estimated $63 million in interest on the first case and $41 million on the second case; (3) states planned to spend 77 percent of the funds from the first case on energy conservation and assistance programs and 85 percent of the other funds on such allowable projects as public transportation, energy audits, highway and bridge maintenance and repair, and airport maintenance; and (4) as of June 30, 1987, 11 of the 52 states had expended over 50 percent of the funds from the first case, including interest earned, while 10 states also expended 50 percent of the funds from the other case.