Oil Reserves:

Status of Strategic Petroleum Reserves as of March 31, 1988

RCED-88-175FS: Published: Jun 24, 1988. Publicly Released: Jul 1, 1988.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

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 60,000 barrels per day; (3) DOE disbursed $208 million from the SPR account to pay for oil it purchased from the Mexican national oil company; (4) the fiscal year (FY) 1988 appropriation of $164 million for SPR facilities development and management and $439 million for oil purchases was adequate to fill SPR at an average daily rate of 50,000 barrels; (5) DOE plans to obligate $173 million for facilities development and $236 million for oil purchases for FY 1989; (6) testing revealed over 550 possible software deficiences at one SPR site; (7) DOE postponed drawdown exercises involving crude oil movements until completion of an evaluation of their effects on cavern integrity; and (8) DOE and the Military Sealift Command made progress in resolving issues concerning payments of $500,000 to shippers for demurrage charges.

Dec 16, 2014

Dec 11, 2014

Nov 25, 2014

Nov 14, 2014

Nov 12, 2014

Oct 30, 2014

Oct 20, 2014

Oct 1, 2014

Looking for more? Browse all our products here