Oil resources (1 - 10 of 63 items)
Strategic Petroleum Reserve: Issues Regarding the Inclusion of Refined Petroleum Products as Part of the Strategic Petroleum Reserve
GAO-09-695T: Published: May 12, 2009. Publicly Released: May 12, 2009.
The possibility of storing refined petroleum products as part of the Strategic Petroleum Reserve (SPR) has been contemplated since the SPR was created in 1975. The SPR, which currently holds about 700 million barrels of crude oil, was created to help insulate the U.S. economy from oil supply disruptions. However, the SPR does not contain refined products such as gasoline, diesel fuel, or jet fuel...
Strategic Petroleum Reserve: Improving the Cost-Effectiveness of Filling the Reserve
GAO-08-726T: Published: Apr 24, 2008. Publicly Released: Apr 24, 2008.
The Strategic Petroleum Reserve (SPR) was created in 1975 to help protect the U.S. economy from oil supply disruptions and currently holds about 700 million barrels of crude oil. The Energy Policy Act of 2005 directed the Department of Energy (DOE) to increase the SPR storage capacity from 727 million barrels to 1 billion barrels, which it plans to accomplish by 2018. Since 1999, oil for the SPR h...
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...
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...
Oil and Gas Development: Challenges to Agency Decisions and Opportunities for BLM to Standardize Data Collection
GAO-05-124: Published: Nov 30, 2004. Publicly Released: Jan 3, 2005.
U.S. consumption of oil and natural gas increasingly outpaces domestic production, a gap that is expected to grow rapidly over the next 20 years. There has been increasing concern about U.S. reliance on foreign energy sources. One option being considered is to increase domestic production of resources on land under the jurisdiction of the Department of the Interior's Bureau of Land Management (BLM...
Naval Petroleum Reserve: Opportunities Exist to Enhance Its Profitability
RCED-95-65: Published: Jan 12, 1995. Publicly Released: Feb 13, 1995.
Pursuant to a congressional request, GAO reviewed the Naval Petroleum Reserve (NPR-1), focusing on actions the U.S. government could take to increase its profitability.GAO found that: (1) there are three standard industry practices that could enhance the profitability of NPR-1; (2) the Department of Energy (DOE) could be allowed to set the rate of production in a way that maximizes profits rather...
Naval Petroleum Reserve: Limited Opportunities Exist to Increase Revenues From Oil Sales in California
RCED-94-126: Published: May 24, 1994. Publicly Released: May 25, 1994.
Pursuant to a congressional request, GAO provided information on Naval Petroleum Reserve (NPR) oil sales, focusing on whether: (1) NPR oil sales to Gulf Coast and mid-continent refiners would increase government revenues and result in higher prices for the remaining NPR oil in California; (2) there are barriers that impede the shipment of NPR oil to refiners; (3) the Department of Energy (DOE) can...
Alaskan Crude Oil Exports
T-RCED-90-59: Published: Apr 5, 1990. Publicly Released: Apr 5, 1990.
GAO discussed the potential consequences of lifting the existing ban on the export of Alaskan North Slope (ANS) crude oil, focusing on the changes in the Alaskan oil trade that are likely to occur and how those changes could affect the U.S. economy and energy security. GAO noted that: (1) removal of the ban would likely result in the export of ANS crude oil to Pacific Rim countries, since oil tran...
The Strategic Petroleum Reserve Amendments of 1989
T-RCED-89-38: Published: May 4, 1989. Publicly Released: May 4, 1989.
GAO discussed the proposed Strategic Petroleum Reserve (SPR) Amendments of 1989 and alternative, nontraditional methods for financing SPR. GAO noted that: (1) the amendments extended the authorizing legislation for SPR and required the Department of Energy (DOE) to fill SPR at the highest practicable rate and plan for its expansion to 1 billion barrels; (2) as of April 1989, SPR contained over 565...
International Energy Agency: Plan To Provide Legal Defenses to Participating U.S. Oil Companies
NSIAD-88-89BR: Published: Feb 8, 1988. Publicly Released: Feb 18, 1988.
In response to a congressional request, GAO provided information on the Department of Justice's (DOJ) and the Federal Trade Commission's (FTC) efforts to: (1) expand antitrust and breach-of-contract defenses to protect U.S. oil companies from possible legal suits for participating in the International Energy Agency's (IEA) Emergency Oil Sharing System (ESS); and (2) resolve the problem of foreign...