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Crude Oil Undervaluation: The Ineffective Response of the Minerals Management Service
House Committee on Government Reform and Oversight Subcommittee on Government Management, Information, and Technology
House Committee on Government Reform and Oversight
Subcommittee on Government Management, Information, and Technology
Abstract
The Subcommittee on Government Management, Information, and Technology of the House Committee on Government Reform and Oversight produced this report to assess whether companies extracting oil from Federal lands in California undervalued the oil, leading to underpayment of royalties to the Federal Government. The subcommittee found that between 1978 and 1993, oil companies did not pay sufficient royalty on crude oil drilled on Federal lands potentially by as much as $2 billion nationwide. The report makes recommendations including preparing a timetable for collecting royalty underpayments, considering external audit assistance, and examining other potential undervaluations among others.
Date
1996-09-27
Document Type
House Committee Approved Report
Serial Number
104-858.H
Document Length
20 pages
Congress
104
Relation
DOI
Keywords
Committee Approved Reports
PAP Major Code
8: Energy
PAP Minor Code
803: Natural Gas and Oil (Including Offshore Oil and Gas)