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108670 1 (1979-02-26)

handle is hein.gao/gaobadycs0001 and id is 1 raw text is: 




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


                                          FOR RELEASE ON DELIVERY
                                          Expected at 9:30 a.m.
                                          Monday, February 26, 1979

                          STATEMENT OF
                        J. DEXTER PEACH                       O
             DIRECTOR, ENERGY AND MINERALS DIVISION:   /
                           BEFORE THE
                SUBCOMMITTEE ON ENERGY AND POWER
                             OF THE
      HOUSE COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE
                      -          ~ON     RSRE
                  HE STRATEGIC PETROLEUM   SERVE


Mr. Chairman and Members of the Subcommittee:

     We welcome the opportunity to be here to discuss GAO's

work still in process on the size of the strategic petroleum

reserve and three aspects of the Department of Energy's (DOE's)

management of the reserve. Although our work in both areas is

still underway, we expect to issue reports sometime in March.

SIZE OF THE RESERVE

     The 1973-74 Arab oil embargo demonstrated U.S. vulnerability

to interruptions in petroleum supplies and increased national

concern for reducing the effects of potential future import

interruptions. In December 1975, the Energy Policy and Conser-

vation Act was enacted authorizing the creation of a reserve of

up to 1 billion barrels of crude oil and petroleum products.









  108670               003830

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