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091107 1 (1981-08-11)

handle is hein.gao/gaobadxho0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 FOR RELEASE ON DELIVERY Expected at 2:00 p.m. Tuesday, August 11, 1981 STATEMENT OF JOHN F. SIMONETTE ASSOCIATE DIRECTOR 091107 ACCOUNTING AND FINANCIAL MANAGEMENT DIVISION BEFORE THE SENATE COMMITTEE ON ENERGY AND NATURAL RESOURCES ON GEOLOGICAL SURVEY'S OIL AND GAS ROYALTY COLLECTION SYSTEM Mr. Chairman and Members of the Committee: We are pleased to be here tbday to discuss our review of Geological Survey's oil *and gas royalty collection system--a system fraught with longstanding problems. Geological Survey is responsible for collecting the royalty income derived from oil and gas produced on Federal and Indian lands. Royalty col- lections have increased rapidly in recent years primarily be- cause of substantial increases in oil and gas prices. Annual royalties are expected to be $4 billion in fiscal 1982 and could grow to $22 billion by fiscal 1990. In our 1979 report entitled Oil and Gas Royalty Collections--Serious Financial Management Problems Need Con- gressional Attention (FGMSD-79-24, Apr. 13, 1979), we pointed out that Geological Survey was having great difficulty in ac- counting for and collecting Federal royalty income. On the basis of more recent work for the Subcommittee on Commerce, Consumer, oq o'-i 7,, .- '(2 &'L tLL V

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