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ID-82-11 1 (1982-08-11)

handle is hein.gao/gaobacjma0001 and id is 1 raw text is: STUDY BY THE STAFF OF THE U. S. General Accounting Office The Changing Structure Of The International Oil Market During the past 10 years, the international oil market has experienced periods of acute shortages and surpluses; producers have taken title to oil produced in their countries and the role of the major oil companies is now limited primarily to marketing, distri- bution, and refining operations. Moreover, despite recent decreases in imports to 30 percent of total consumption, the United States is importing relatively more Middle Eastern oil today than it did in 1973. What if there is another oil supply emer- gency? The United States, with its present market-oriented energy policy deemphasiz- ing Government intervention, appears to have three strategies for coping: (1) con- tinued unilateral development of a strategic petroleum reserve, (2) bilateral agreements with other consuming and producing coun- tries to ensure access to supplies, and (3) multilateral cooperation with other oil con- suming countries through organizations such as the International Energy Agency to coordinate stock and emergency sharing policies and programs. 119193 GAO/ID-82-1 1 AUGUST 11, 1982 113

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