Unresolved Issues Remain Concerning U.S. Participation in the International Energy Agency.
GENERAL ACCOUNTING OFFICE WASHINGTON DC INTERNATIONAL DIV
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The International Energy Agency IEA, established in 1974 and composed of 21 oil consuming countries, is a multilateral organization designed to facilitate responses to short-term energy disruptions and long-term supply problems. IEAs Emergency Sharing System is the mechanism available to respond primarily to short-term supply interruptions. As IEAs principal proponent, the United States contributed 25 percent 2.45 million of the agencys budget for fiscal year 1981. The IEA serves as an energy policy coordinating forum for consuming nations. It has improved member countries understanding of the oil market and provided them with a better sense of what needs to be done on an international and national level during a period of continuous supply uncertainty. The IEAs success in a rapidly changing market environment depends greatly on the willingness of participating countries to support its basic objectives of 1 sharing supplies in an emergency, 2 developing a comprehensive oil market information system, 3 establishing a long-term cooperation program emphasizing import controls and accelerated development and use of alternative fuels, and 4 improving consumer-producer relations. Author
- Economics and Cost Analysis