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EMD-79-59 1 (1979-06-29)

handle is hein.gao/gaobaazlh0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL I~IIIIIIIIllIII!IIIIIIII LM109796 Report To The Congress OF THE UNITED STATES The United States Refining Policy In A Changing World Oil Environment This study addresses the implications of in- ternational and domestic factors affecting the U.S. refining industry. GAO has made obser- vations in this report about the impacts of those factors as they affect the domestic re- fining industry, international markets, regula- tory actions, and the national security. Growing U.S. demand for refined products, considered in light of already idle excess refi- ning capacity in the rest of the free world, uncertain supplies of crude oil,a rapidly dimin- ishing sweet crude resource base, and down- stream expansion plans of oil-producing na- tions raises serious questions about the future of the U.S. domestic refining industry. Utilization of the U.S. refining capacity will ultimately depend on the continued availabili- ty of adequate supplies of crude--an uncertain prospect at best. 110 i II 1 111 l 9796 EMD-79-59 JUNE 29, 1979

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