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125203 1 (1984-09-24)

handle is hein.gao/gaobactiy0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 lB Uh~lil1111I FOR RELEASE ON DELIVERY EXPECTED AT 10:00 A.M. SEPTEMBER 24, 1984 0O >00o 5,203S 125203 STATEMENT OF F. KEVIN BOLAND SENIOR ASSOCIATE DIRECTOR RESOURCES, COMMUNITY AND ECONOMIC DEVELOPMENT DIVISION BEFORE THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS HOUSE COMMITTEE ON ENERGY AND COMMERCE ON DEPARTMENT OF ENERGY DEVELOPMENT AND MANAGEMENT OF THE STRATEGIC PETROLEUM RESERVE Mr. Chairman and Members of the Subcommittee: We appreciate the opportunity to be here today to discuss the Strategic Petroleum Reserve (SPR). The SPR is the corner- stone of the administration's energy emergency preparedness pro- gram and is the nation's major resource in the event of an oil supply disruption. Over the past several years, the administra- tion, partly due to the insistence of the Congress, has made good progress in filling the SPR. Through these efforts the size and importance of the SPR have grown. By the end of this fiscal year, DOE will have acquired about 430 million barrels of oil at a cost of nearly $13 billion. This oil is being stored at the five SPR storage sites in Louisiana and Texas. If the 186,000 barrels per day fill rate contained in the fiscal year 1985 Interior appropriations bill is approved, about 500 million barrels of oil will be in storage by the end of fiscal year 1985. Over the past few years, we have monitored developments at the SPR closely. We have had staff devoted to reviewing SPR h

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