Mineral Revenues


Book Description







Mineral Revenues


Book Description

The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.







Royalties at Risk


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Strategic Petroleum Reserve: Improving the Cost-Effectiveness of Filling the Reserve


Book Description

The Strategic Petroleum Reserve (SPR) helps protect the U.S. economy from oil supply disruptions and currently holds 700 million barrels of crude oil. The Energy Policy Act directed the DoE to increase the SPR storage capacity from 727 million barrels to 1 million barrels. Since 1999, oil for the SPR has been obtained through the royalty-in-kind program, whereby the gov¿t. receives oil instead of cash for payment of royalties on leases of fed. property. The Minerals Mgmt. Service collects the royalty oil and transfers it to DoE, which then trades it for oil for the SPR. This testimony focuses on: (1) factors for DoE to consider when filling the SPR; and (2) the cost-effectiveness of using oil received through the royalty-in-kind program to fill the SPR.




Oil and Gas Royalties


Book Description

In FY 2007, the Minerals Mgmt. Service (MMS) collected over $9 billion in oil and natural gas royalties and disbursed these funds to fed., state, and tribal accounts. MMS sells the oil and gas it receives through the royalty-in-kind program and disburses the revenues received from the sales to fed. and state recipients. This report highlights oversight issues related to MMS's royalty-in-kind program raised in that testimony and assesses: (1) the extent to which MMS has reasonable assurance that it is collecting the correct amounts of royalty-in-kind oil and gas; and (2) the reliability of the info. on the performance of the royalty-in-kind program contained in MMS's annual report to the Congress. Charts and tables.




Strategic Petroleum Reserve: Options to Improve the Cost-Effectiveness of Filling the Reserve


Book Description

The Strategic Petroleum Reserve (SPR) was created in 1975 to help insulate the U.S. economy from oil supply disruptions and currently holds about 700 million barrels of crude oil. The Energy Policy Act of 2005 directed the Dept. of Energy (DoE) to increase the SPR storage capacity from 727 million barrels to 1 billion barrels, which it plans to accomplish by 2018. Since 1999, oil for the SPR has generally been obtained through the royalty-in-kind program, whereby the gov¿t. receives oil instead of cash for payment of royalties on leases of fed. property. This testimony focuses on: (1) factor that DoE should consider when filling the SPR; and (2) the cost-effectiveness of using oil received through the royalty-in-kind program to fill the SPR.




Department of the Interior: Major Management Challenges


Book Description

The Dept. of the Interior is responsible for managing much of the nation's vast natural resources. Its agencies implement an array of programs intended to protect these precious resources for future generations while also allowing certain uses of them, such as oil and gas dev¿t. and recreation. Interior faces major mgmt. challenges in the following six areas: (1) Strengthening resource protection; (2) Strengthening the accountability of Indian and island community programs; (3) Improving fed. land acquisition and mgmt.; (4) Reducing Interior's deferred maintenance backlog; (5) Ensuring the accurate collection of royalties; and (6) Enhancing other revenue collections and financial assurances. Illustrations.