Sale of NPRs & Oil Shale Reserves

Pursuant to a congressional request, GAO reviewed proposed legislation regarding the sale of six Naval Petroleum and Oil Shale Reserves, focusing on whether the proposed sales method will provide an equal opportunity to all prospective buyers and yield maximum funds to the federal government. GAO noted that the proposed sales method: (1) should provide an equal opportunity to all prospective buyers; (2) stipulates the acceptance of the highest responsible bid that meets the minimum acceptable price; and (3) should yield a fair market value to the federal government.