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Evaluation of the Department of Energy's plan to sell oil from the strategic petroleum reserve : report to the chairman, Subcommittee on Fossil and Synthetic Fuels, Committee on Energy and Commerce, House of Representatives

Author: United States. General Accounting Office.
Publisher: Washington, D.C. : The Office, [1985]
Edition/Format:   Print book : National government publication : EnglishView all editions and formats
Summary:
Pursuant to a congressional request, GAO reviewed the Department of Energy's (DOE) plan for selling oil from the Strategic Petroleum Reserve (SPR) to analyze: (1) the plan's potential effects on world oil prices; (2) the issues affecting who would get SPR oil under this plan; and (3) how the plan compares with alternative sales mechanisms. GAO found that the plan's market approach would probably limit oil price  Read more...
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Additional Physical Format: Online version:
United States. General Accounting Office.
Evaluation of the Department of Energy's plan to sell oil from the strategic petroleum reserve.
Washington, D.C. : The Office, [1985]
(OCoLC)760256887
Material Type: Government publication, National government publication
Document Type: Book
All Authors / Contributors: United States. General Accounting Office.
OCLC Number: 12965872
Notes: Cover title.
Distributed to depository libraries in microfiche.
"June 5, 1985."
"GAO/RCED-85-80."
"B-217834"--Page [1].
Description: [1], viii, 61 pages ; 28 cm
Responsibility: by the Comptroller General of the United States.

Abstract:

Pursuant to a congressional request, GAO reviewed the Department of Energy's (DOE) plan for selling oil from the Strategic Petroleum Reserve (SPR) to analyze: (1) the plan's potential effects on world oil prices; (2) the issues affecting who would get SPR oil under this plan; and (3) how the plan compares with alternative sales mechanisms. GAO found that the plan's market approach would probably limit oil price increases in a severe supply disruption and allow broad participation in the sale. However, there were potential problems identified with oil distribution under the plan. DOE, in taking a market approach to the distribution, plans to award SPR sales contracts to the highest bidders who would be considered eligible buyers. This would allow any foreign country to buy the oil and does not limit the amount that a single buyer could purchase at a given sale. GAO also examined alternative sales methods of interest to Congress, including: (1) the continuous sale of options to buy SPR oil in advance of an oil emergency; and (2) allocation of SPR oil at government-set prices. Most industry representatives opposed the sale of SPR options because of their concerns about the length of time during which options could be exercised and who should be eligible to buy the options. GAO found that uncompetitive allocation of SPR oil would entail administrative difficulties that would undermine its intended benefits since it would be difficult to develop criteria for fair distribution.

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