Status report No. 8: State uses of Exxon and Stripper Well oil overcharge funds

From March of 1986 through early January, 1991 (when the report surveying began) state governments received $3.423 billion in funds obtained by the federal government through two major cases, based on price overcharges committed by numerous oil companies during the period of price controls, between 1973 and 1981. Furthermore, about another $1 billion may still be collected from oil companies, with roughly 1/2 to be distributed to the states (and the other 1/2 to the federal government), over the next 5 to 10 years. The role of state governments is to allocate the funds, within the specific case guidelines, to new or existing energy programs, in a way which is designed to benefit (or provide restitution to) the class or classes of purchasers who bore the burden of the overcharges. This report incorporates information collected by NCLC through telephone surveys conducted from January through March 1991. The information we collected on the status and state uses of both Exxon and Stripper Well funds is contained in the state-by-state narrative summary selection and in a series of tables at the end of the report. Each of the quarterly reports tracks final state decisions allocating use of these funds. The terms ''allocated'' and ''designated'' are used interchangeably throughout the document to mean that final state decisions have been made regarding these funds. Tracking state allocations about these funds is the only practical way for us to provide an overview of the actual status of state processes or decisions which have occurred with regard to this money. 9 tabs