The Economics of International Oil Sharing

George Horwich and David Weimer

The Energy Journal, 1988, vol. Volume 9, issue Number 4, 17-33

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).

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1988
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.iaee.org/en/publications/ejarticle.aspx?id=1907 (text/html)
Access to full text is restricted to IAEE members and subscribers.

Related works:
Journal Article: The Economics of International Oil Sharing (1988)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aen:journl:1988v09-04-a02

Ordering information: This journal article can be ordered from
http://www.iaee.org/en/publications/ejsearch.aspx

Access Statistics for this article

More articles in The Energy Journal from International Association for Energy Economics Contact information at EDIRC.
Bibliographic data for series maintained by David Williams ().