Oil Reserve:

Status of Strategic Petroleum Reserve Activities as of September 30, 1988

RCED-89-63FS: Published: Jan 25, 1989. Publicly Released: Feb 2, 1989.

Additional Materials:

Contact:

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

Pursuant to a congressional request, GAO reviewed the Department of Energy's (DOE) progress in developing, operating, and filling the Strategic Petroleum Reserve (SPR) during the 6 months ended September 30, 1988.

GAO found that, during that period, DOE: (1) added 9.7 million barrels of crude oil to SPR, increasing the inventory to 554.7 million barrels; (2) disbursed $130 million to the Mexican national oil company for oil acquisition and transportation; (3) appointed a committee to resolve continuing SPR instrumentation and control system problems; and (4) requested the Sandia National Laboratories to evaluate hardware and software at SPR sites. GAO also found that Congress appropriated: (1) $173 million for fiscal year (FY) 1989 for SPR development, operation, and management; (2) $242 million for oil acquisition to permit an average fill rate of about 50,000 barrels per day; and (3) $92 million for oil deliveries in the first quarter of FY 1990. In addition, GAO found that the Military Sealift Command: (1) determined that past overcharges on demurrage payments for oil delivered to SPR represented improper payments; (2) calculated that demurrage claims totalled $189,893; and (3) was taking steps to recover the funds from shipowners.

Aug 11, 2014

Jul 17, 2014

Jul 11, 2014

Jun 23, 2014

Jun 9, 2014

Jun 5, 2014

May 30, 2014

May 16, 2014

May 15, 2014

May 7, 2014

Looking for more? Browse all our products here