Crude oil (21 - 30 of 252 items)
Energy Markets: Factors That Influence Gasoline Prices
GAO-07-902T: Published: May 22, 2007. Publicly Released: May 22, 2007.
Few issues generate more attention and anxiety among American consumers than the price of gasoline. The most current upsurge in prices is no exception. According to data from the Energy Information Administration (EIA), the average retail price of regular unleaded gasoline in the United States has increased almost every week this year since January 29th and reached an all-time high of $3.10 the we...
Oil and Gas Royalties: A Comparison of the Share of Revenue Received from Oil and Gas Production by the Federal Government and Other Resource Owners
GAO-07-676R: Published: May 1, 2007. Publicly Released: May 1, 2007.
Amid rising oil and gas prices and reports of record oil industry profits, a number of governments have taken steps to reevaluate and, in some cases, increase the share of oil and gas revenues they receive for the rights to develop oil and gas on their lands and waters. For example, the State of Alaska has recently passed new oil and gas legislation that will increase the state's share of revenue...
Crude Oil: Uncertainty about Future Oil Supply Makes It Important to Develop a Strategy for Addressing a Peak and Decline in Oil Production
GAO-07-283: Published: Feb 28, 2007. Publicly Released: Mar 29, 2007.
The U.S. economy depends heavily on oil, particularly in the transportation sector. World oil production has been running at near capacity to meet demand, pushing prices upward. Concerns about meeting increasing demand with finite resources have renewed interest in an old question: How long can the oil supply expand before reaching a maximum level of production--a peak--from which it can only decl...
Advanced Energy Technologies: Key Challenges to Their Development and Deployment
GAO-07-550T: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
For decades, the nation has benefited from relatively inexpensive energy, but it has also grown reliant on fossil fuels--oil, natural gas, and coal. Periodic imported oil supply disruptions have led to price shocks, yet the nation's dependence on imported energy is greater than ever. Fossil fuel emissions of carbon dioxide--linked to global warming--have also raised environmental concerns. The Dep...
Crude Oil: California Crude Oil Price Fluctuations Are Consistent with Broader Market Trends
GAO-07-315: Published: Jan 19, 2007. Publicly Released: Feb 20, 2007.
California is the nation's fourth largest producer of crude oil and has the third largest oil refining industry (behind Texas and Louisiana). Because crude oil is a globally traded commodity, natural and geopolitical events can affect its price. These fluctuations affect state revenues because a share of the royalty payments from companies that lease state or federal lands to produce crude oil are...
Department of Energy: Key Challenges Remain for Developing and Deploying Advanced Energy Technologies to Meet Future Needs
GAO-07-106: Published: Dec 20, 2006. Publicly Released: Jan 19, 2007.
Despite periodic price shocks and related energy crises, the United States is even more dependent on crude oil and natural gas than it was almost 30 years ago. And, without dramatic change, the nation will become ever more reliant on imported oil and natural gas with attendant threats to national security. The nation has also become concerned about global warming, which has been linked to carbon d...
Strategic Petroleum Reserve: Available Oil Can Provide Significant Benefits, but Many Factors Should Influence Future Decisions about Fill, Use, and Expansion
GAO-06-872: Published: Aug 24, 2006. Publicly Released: Oct 3, 2006.
Congress authorized the Strategic Petroleum Reserve (SPR), operated by the Department of Energy (DOE), to release oil to the market during supply disruptions and protect the U.S. economy from damage. The reserve can store up to 727 million barrels of crude oil, and currently contains enough oil to offset 59 days of U.S. oil imports. GAO answered the following questions: (1) What factors do experts...
Royalty Revenues: Total Revenues Have Not Increased at the Same Pace as Rising Oil and Natural Gas Prices due to Decreasing Production Sold
GAO-06-786R: Published: Jun 21, 2006. Publicly Released: Jul 21, 2006.
In fiscal year 2005, federal and Native American lands supplied about 35 percent of the oil and 26 percent of the natural gas produced in the United States. Companies that lease these lands to produce oil and natural gas pay royalties to the Department of the Interior's Minerals Management Service (MMS) based on a percentage (the royalty rate) of the cash value of the oil and natural gas produced...
Energy Security: Issues Related to Potential Reductions in Venezuelan Oil Production
GAO-06-668: Published: Jun 27, 2006. Publicly Released: Jun 27, 2006.
Venezuela is the world's eighth-largest oil exporter and among the top 10 countries in total proven oil reserves. Venezuela also supplies about 11 percent of current U.S. imports of crude oil and petroleum products and wholly owns five refineries in the U.S. Consequently, Venezuela is a key player in the future energy security of the United States and the world. The current global oil market is ti...
Energy Markets: Factors Contributing to Higher Gasoline Prices
GAO-06-412T: Published: Feb 1, 2006. Publicly Released: Feb 1, 2006.
Soaring retail gasoline prices, increased oil company profits, and mergers of large oil companies have garnered extensive media attention and generated considerable public concern. Gasoline prices impact the economy because of our heavy reliance on motor vehicles. According to the Department of Energy's Energy Information Administration (EIA), each additional ten cents per gallon of gasoline adds...