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The History of the International Energy Agency - The First 20 Years

Origins and Structure Volume 1

image of The History of the International Energy Agency - The First 20 Years

Volume I of this History surveys at some length the institutional origins of the International Energy Agency in the 1973-1974 oil crisis, and examines the 1974 I.E.P. Agreement and other oil consumer actions which established the Agency as an operational  intergovernmental institution. Volume I also considers the most important IEA relationships, the internal structure of the Agency, and the institutional arrangements which enabled the Agency to develop over the years into an effective instrument for energy policy co-operation among its Members.

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Introduction

International Energy Agency

During the Middle East War crisis of 1973-1974, the main industrial countries became painfully aware of their vulnerability to the new economic power of the oil producer countries. For the industrial countries, the sting in that crisis derived from their sudden need to respond to the oil embargo by a number of Arab producers and from the price spike that took oil prices rapidly to historic and damagingly high levels. Perhaps even more troublesome, however, was the realization that, having accepted for some years the short-term luxury of growing oil import dependence, the industrial countries were themselves largely responsible for the very predicament in which they suddenly found themselves...

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