About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

EMD-80-98 1 (1980-08-21)

handle is hein.gao/gaobabayi0001 and id is 1 raw text is: 



BY THE COMPTROLLER GENERAL


Report To The Congress

OF THE UNITED STATES


The United States Exerts Limited

Influence On The International

Crude Oil Spot Market



In 1979, volume grew on the crude oil spot
market, where oil is exchanged on a day-to-
day basis rather than under long-term con-
tract. While world prices for crude oil sold
under contract more than doubled, spot
market prices rose even higher.

Conditions underlying the 1979 volatility of
the international crude oil spot market re-
main--they underscore the need for under-
standing the effects of Government programs
and actions on that market.


The United States and six other oil-importing
countries pledged at the Tokyo summit in
June 1979 to try to moderate spot market
activity, but the United States has no program
to influence directly U.S. oil company in-
volvement in the spot market. Some De-
partment of Energy programs primarily de-
signed for domestic goals have an influence by,
for example, affecting companies' crude oil
acquisition costs. However, some encourage
and some discourage spot market purchases.
These diverse effects make it difficult for the
United States to pursue a coherent policy.


113160


(A //gLj{L(


     EMD-80-98
AUGUST 21, 1980

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most