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![handle is hein.gao/gaobabesd0001 and id is 1 raw text is: R ESTR ICTED - M ot to be relt--k eo. .. 7 O Te .u nner DA- I *4
Acroiniting Office excep~t o i V, %,.- o4' secii a prova
by the Oftice of ;ongro sio. t AL0-. LEASED
K 'H KS (INL RAL ACC OUNLNG OFFI C
Report To The Chairman,
Subcommittee On Fossil And Synthetic Fuels,
Committee On Energy And Commerce,
House Of Representatives
The Synthetic Fuels Corporation's Progress In
Aiding Synthetic Fuels Development
It h&,i I PIe d Iffi('lJi for the Corporation to make progress toward
tho (JI ,alk, of the [ nergy Security Act of June 1980 because of
t iinymq e(.orlormlic and energy conditions Relative to the
1 9)8 ] pro(dtit(tion (goal of 500,000 barrels of crude oil equivalent
ptr (lay, the ( orporat ion had awarded contracts for two projects
,xpi,( ted to haive ai total prod uction equivalent of 9,500 barrels
of cruie oii pe diy Including these two projects, the Corpor-
ation hw, ,(id that it plans to award by early 1985 up to $14 8
hill inn in fitri( i a issistance for about 12 projects representing
a (iver,( rinqe of technologies, which would have a combined
ttal pr)oiu,'tion of aibout 132,000 barrels of criude oil equivalent
per (iy Th, -W planS My be affected by a recent administration
Pr oI(),sal to r -s(, i $9 billion of the Corporation s remaining
uinobligated f 00(ds
Priv,at i rid u try offi( i as said that synthetic fuels projects have
Iiienr ,i)an(oed or postponed prima rily because of an un-
faivor,jbhl v( onrii( (. imate, a world oil glut that has caused
(e( in,-, i r ( ru de oil prices, the uncertainty of future crude oil
pri((-,, aind the large (apital investment needed for project
('oristr i(tiron The,, officils also said that 1982 tax legislation,
by rm inq' t a iefter tx return on investment, has also caused
lr (i ist ry to a nori or (li 1(1y going forward with synthetic fuels
124875
GAO/RCED-84-46
- JULY 11, 1984](ViewImageLocal?handle=hein.gao/gaobabesd0001&div=1&collection=&method=preview&ext=.png&size=3)