About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

EMD-77-20 1 (1977-02-16)

handle is hein.gao/gaobaabss0001 and id is 1 raw text is: DOCUMENT RESUME 00172 - (A08914u461 Issues Needing Attention in Developing the Strategip. Petroleum Reserve. B-178205; END-77-20. February 16, 1977. '19 pp. + 2 appendices (3 pp.). Report to the Congress; by elmer B. Staats, Comptroller General. Issue Area: Energy: Role of Fossil Fuels in Meeting Future Needs (1609). Contact: Energy and Minerals Div. Budget Function: Natural Resources, Environment, and Energy: Energy (305). Organization Concerned: Department of the Intericr; Department of t L Navy; Department of Defense; Department of State; Federal Energy Administration. CoLgressional Relevance: Congress; House Committee on Interstate aad Foreign Commerce; Senate Committee on Interior aud Insular Affairs. Aithority: Energy Policy and Conservation Act (P.L. 94-163). The concept of the Strategic Petroleum Reserve is to provide protection against future oil embargoes by creation of a reserve equal to approximately 500 barrels of crude oil. As part of the reserve, an Early Storage Reserve -&s to be established to contain at least 150 million barrels by December 1978. The proposed reserve will contain only crude oil which will be stored underqround in salt dome caverns o. in mines, primarily along the Gulf Coast. Issues which require further analysis by Congrezs relate to three questions: (1) Is there a need for the type of Strategic Petroleum Reserve? (2) How should the strategic Petroleum Reserve be filled? and (3) How should the Strategic Petrol'aum Reserve be financed? Findings/Conclusions: GAO contip'-es to support the concept of a system of national emergency energy reserves. It believes, however, that the use of industry crude oil and product stocks may be an alternative to the creation of a strategic Petroleum Reserve. The Federal Energy Administration plans to purchase oil for tLe reserve at near the national ave.:age composite price. As long as price controls remain on domestic oil, royalty oil could be acquired to fill the reserve, resalting in significant dcllar savings with little or no adverse financial impact on small refiners. (RRS)

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most