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1 i (1988)

handle is hein.amenin/aeiabyr0001 and id is 1 raw text is: RJS PI I'',NI IN4C,31 -3, IN T ER 1 N 10 P\L OIL CRIE EDITED BY GEORGE HORWICH AND DAVID LEO WEIMER FOREWORD BY SENATOR BILL BRADLEY Can demand restraint and oil sharing help calm international oil markets after disruptions of supply? Will the information needed for sharing be available? Can import quotas under sharing perversely encourage price increases? This volume provides the first rigorous, systematic assessment of the emergency programs of the International Energy Agency. It examines the actual record of demand restraint, the likely effects of oil sharing, and the IEA guidelines for accumulating oil stocks and coordinating their drawdown. The individual essays offer theoretical and empirical analyses both very supportive and highly critical of the IEA program. The editors interpret the balance of findings as supporting U.S. withdrawal from the sharing agreement. They urge continued U.S. participation in the IEA's information-gathering activities and in attempts to achieve coordination of stock drawdowns. Whatever one's view of the International Energy Agency and, most notably, its crisis oil-sharing arrangements, he will benefit from reading and pondering this set of reflective studies. The time is ripe for examining the inherited arrangements-in light of the changes that have occurred in the structure of the oil market since the crisis mechanism was initially created. Especially is this so since current trends make renewed supply problems highly probable, if not inevitable, in the 1990s. -James R. Schlesinger Former Secretary of Energy This collection of studies is an in-depth and balanced evaluation of the emergency program of the International Energy Agency. It is a definitive work that will be indispensable to policy analysts for many years to come. -Beryl W. Sprinkel ISBN 978-0-8447-3639-6 Chairman, Council of Economic Advisers 9 11I I 9100i 0-8447-3639-2 9 780844 7 6 I6 ,N \ N.' N V FO 1 5 AWy.X1 &)&\A. ) C 0-- C/ tt OW RESPONDING TO INTERNATIONAL OIL CRISES EDITED BY GEORGE HORWICH AND DAVID LEO WEIMER FOREWORD BY SENATOR BILL BRADLEY AMERICAN ENTERPRISE INSTITUTE FOR PUBLIC POLICY RESEARCH

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