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RCED-85-134 1 (1985-09-30)

handle is hein.gao/gaobabfiw0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL Report To The Congress OF THE UNITED STATES The Strategic Petroleum Reserve: An Overview Of Its Development And Use In The Event Of An Oil Supply Disruption The Congress authorized the Strategic Petroleum Reserve in 1975 to store up to 1 billion barrels of oil that could be withdrawn from storage and distributed to replace lost imports if U.S. oil supplies were disrupted. After expenditures of nearly $18 billion, the Reserve is expected to contain about 489 million barrels of oil by September 30, 1985. Over the past several years, GAO has reviewed and reported on several aspects of the Reserve's activities. GAO found that: --Oil purchases for the Reserve have generally been cost effective to the government. --Management of the Reserve during its early years resulted in a wide range of problems. --The use of the Reserve during an oil supply disruption could be restricted by the Department of Energy's capability to withdraw oil from the Reserve and by pipeline and marine terminal limitations until planned improvements are completed. 3ecause of the federal deficit and the current world-wide oil surplus, Energy's fiscal year 1986 budget )roposed an indefinite moratorium on future Reserve activities after fiscal year 1985. GAO's analysis )f this proposal showed that serious consideration should be given to continued development of ;torage facilities with oil acquisition to be based on availability, price, and budget considerations. rhe Congress subsequently provided for continued development and fill in fiscal year 1986. GAO/RCED-85-134 SEPTEMBER 30, 1985

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