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122293 1 (1983-09-06)

handle is hein.gao/gaobactdb0001 and id is 1 raw text is: 



             UNITED STATES GENERAL ACCOUNTING OFFICE
                     WASHINGTON, D.C.  20548



                                      For Release at 10:00 a.m.
                                      September 6, 1983



                          STATEMENT OF
                    J. DEXTER PEACH, DIRECTOR
                RESOURCES, COMMUNITY AND ECONOMIC
                      DEVELOPMENT DIVISION
                           BEFORE THE
             COMMISSION ON FAIR MARKET VALUE POLICY
                    FOR FEDERAL COAL LEASING


Mr. Chairman and Members of the Commission:


     We appreciate the opportunity to be here today to discuss
the fair market value implications of our recent report1.


     Our report raised--on the one hand--some serious questions
regarding Interior's actions related to the sale and the rea-
soning behind them.  On the other hand, it recognized that
Interior faces the very difficult task of trying to sell--
competitively--leases many of which are attractive only to adja-
cent mining operations and of little interest to the rest of the
industry.  Thus, our message was that several features of the
Department's leasing program need revision, but, to make In-
terior's task practicable, congressional action is also needed.




1Analysis of the Powder River Basin Federal Coal Lease Sale:
Economic  Valuation Improvements and Legislative Changes Needed
GAO/RCED-83-119,  May 11, 1983.


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