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ID-81-38 1 (1981-09-08)

handle is hein.gao/gaobabclb0001 and id is 1 raw text is: RELEASED . , by the ovnc'a of Rot REPORT BY THE Comptroller General OF THE UNITED STATES Unresolved Issues Remain Concerning U.S. Participation In The Internationa! Energy Agency The International Energy Agency , (lEA), established in 1974 and composedof. 21-oil consuming countries including the United States, serves as an eneIrgy policy coordinating forum. However, IEA's Emergency Sharing System, designed primarily: to respond to short-term oil supply disruptions, suffers from data errors, lack of a comprehensive pric e dispute settlement mechanism, and a mislead- ing representation of emergency oi:l ,stocks which raise serious questions ,about, the System's workability. Under most supply disruptions. involving the lEA Emergency Sharing SystIeh-n, the United States will be obliged to divert oil imports to other lEA countries. In si tuations similar to the Arab Oil Embargo o0f 1973; when the United States was the boycotted country, it would benefit from the System. International oil disruptions in 1979 and 1980 raise serious questions about the viabil- ity of the lEA in responding to escalating oil prices and other forms of market disruption. These situations also raise questions about the adequacy of existing U.S. legislation to au- thorize U.S. participation in certain lEA ad hoc emergency activities. 116412 I D-81-38 SEPTEMBER 8, 1981 o1943 I

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