Department of Energy should improve its management of oil overcharge funds
Between August 19, 1973, and January 28, 1981, oil companies were subject to federal price control regulations on crude oil and refined petroleum products. The Department of Energy (DOE) is currently evaluating alleged pricing violations that occurred during that period to determine how much money, if any, the oil companies should return to overcharged customers. In settling these alleged overcharge violations, DOE has required some companies (where the overcharged customers could not be specifically identified) to make payments to either the states where the oil companies do business or to a DOE escrow account with the US Treasury. Also, in accordance with section 155 of Public Law No. 97-377, DOE has redistributed $200 million of the escrow account funds to the states. GAO found that DOE has not given each state its pro rata share of the escrow funds and has not complied with its regulations for determining the appropriate recipients of the oil overcharge refunds. Accordingly, GAO makes recommendations to improve DOE's management of the refund program and restates the need for DOE to comply with the Comptroller General's decisions and opinions concerning DOE's procedures for identifying overcharged customers.
- Research Organization:
- General Accounting Office, Washington, DC (USA). Office of the Comptroller General
- OSTI ID:
- 5742010
- Report Number(s):
- GAO/RCED-85-46; ON: TI85901451
- Resource Relation:
- Other Information: Report to The Chairman, Subcommittee on Oversight and Investigations, Committee on Energy and Commerce, House of Representatives
- Country of Publication:
- United States
- Language:
- English
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Reporting oil overcharge refunds to the Internal Revenue Service
Reporting oil overcharge refunds to the Internal Revenue Service