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116987 1 (1981-08-27)

handle is hein.gao/gaobacssm0001 and id is 1 raw text is: 




UNITED STATES GENERAL ACCOUNTING OFFICE

        WASHINGTON, D.C.  20548


FOR RELEASE ON DELIVERY
EXPECTED AT 10:15 AM EST
AUGUST 27, 1981


               STATEMENT OF

             MILTON J. SOCOLAR

         ACTING COMPTROLLER GENERAL
                                               116987
            OF THE UNITED STATES

                 BEFORE THE

   COMMISSION ON FISCAL ACCOUNTABILITY OF

        THE NATION'S ENERGY RESOURCES

                    ON

PROBLEMS CONFRONTING THE GEOLOGICAL SURVEY IN

      COLLECTING OIL AND GAS ROYALTIES


Mr. Chairman and Members of the Commission:

     We are pleased to be here today to discuss our views om

Geological Survey's oil and gas royalty accounting system--a

system fraught with longstanding financial management problems.

We applaud Secretary Watt's establishment of the Commission which

is an important step to help resolve the royalty accounting prob-

lems that have plagued Geological Survey for over 20 years.

     Geological Survey is responsible for collecting the royalty

income derived from oil and gas produced on Federal and Indian

landg.  Royalty collections have increased rapidly in recent years

primarily because of substantial increases in oil and gas prices.


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