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RCED-83-136 1 (1983-04-15)

handle is hein.gao/gaobabmxt0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 20548 RESOURCES, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION B-208196 'Fhe RonorablA .7~ IZ April 15, 1983 tT ) ot to 5 re~e Quts~de the Generia bCOyth.g pflic e except i h of sPecific approvgJ MRELEASED Chairman, Committee on Energy and Natural Resources united States Senate The Honorable J. Bennett Johnston Ranking Minority Member, Committee on Energy and Natural Resources United States Senate Subject: Status of Strategic Petroleum Reserve Activities as of March 31, 1983 (GAO/RCED-83-136) On March 25, 1982, the Senate Committee on Energy and Natural Resources requested that we report on a quarterly basis, through fiscal year 1985, on the administration's progress in filling the Strategic Petroleum Reserve (SPR) and in complying with the requirements of applicable law. This is the fourth such report issued pursuant to that request. This report covers SPR activities which occurred during the second quarter of fiscal year 1983. It discusses the adminis- tration's fiscal year 1984 budget proposal and its progress in filling, developing, and operating the SPR. Specifically, it notes that: --The Department of Energy (DOE) announced its in- tentions to fill the SPR at an average annual rate of 220,000 barrels per day for fiscal year 1983. However, the minimum legally required fill rate may be higher than 220,000 barrels per day. --The administration's proposed fiscal year 1984 budget recommends slowing the SPR fill rates. The proposed fill rates in fiscal year 1984 and subsequent years would extend the time needed to store 500 million barrels and result in unfilled storage capacity. Alternatively, filling at the minimum legally required rate at today's oil prices could require funding above the budget request and could require DOE to obtain interim storage capacity. -36 5-/M//9o0 (001720) 121190

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