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The IEA Oil-Sharing Plan: Who Shares with Whom?

David R. Henderson

Year: 1987
Volume: Volume 8
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol8-No4-3
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Abstract:
The United States and twenty other countries are all members of the International Energy Agency (TEA). The members' have an agreement which requires' them to share their oil with each other if the oil supplies to the members fall substantially. Both the formula for allocating oil among members and the size of the reduction in oil supplies that triggers the sharing formula are predetermined.



The Economics of International Oil Sharing

George Horwich and David Leo Weimer

Year: 1988
Volume: Volume 9
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol9-No4-2
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Abstract:
Fifteen years after the 1973-74 oil embargo, two of the programs designed by consuming countries to cope with oil disruptions are still in place. One is the strategic stockpiles of oil owned or controlled by the governments of the industrial nations. The other is the oil-sharing plan of the International Energy Agency. In fact, both programs received their impetus from the IEA, which was formed in 1974 by the United States, Canada, most Western European countries (except France), Japan, Australia, and New Zealand. The TEA requires signatory countries to hold oil stocks equal to ninety days' imports of oil (interpreted generally as an amount over and above normal working stocks). This has largely been accomplished. Oil sharing, however, is to be imposed only in the event of oil-supply cutoffs of 7 percent or more to any individual member or the group as a whole. Although petitioned several times by individual countries, sharing has never been implemented. Neither has the program been systematically evaluated by a task force outside the IEA. This is the purpose of the study which this paper draws upon (Horwich and Weimer, eds., 1988).





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