GAO recommends spending limits for SPR fill

The US Department of Energy could have saved about $590 million from late 2001 through 2005 if it had used a steady dollar value of crude oil over time to assure that more purchases were made for the Strategic Petroleum Reserve when prices were low, the Government Accountability Office says.Using this approach, DOE would buy crude for the reserve using a preset target based on expenditures instead of volume. This could take advantage of market fluctuations because a preset dollar amount would buy more oil when prices fell and less when they climbed, GAO concluded in a report it released Oct. 3.“Simulations we performed of this approach under various potential oil market conditions, ...

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