International Energy Agency - Revision history

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	<onlyinclude>The '''International Energy Agency (IEA)''' was formed in 1974 under the umbrella of the [[OECD]] as a response to the turmoil of the [[Oil crisis of the 1970s \| 1973 Oil Embargo]].</onlyinclude> The mission of the IEA at its inception was to ensure a stable [[supply]] of [[oil]] to the OECD countries.<ref>IEA. "~~About Us~~." [Online], Available: http://www.iea.org/~~aboutus~~/, 2016 [July 8, 2016].</ref> Over time the mandate of the IEA has evolved to include the compilation and distribution of information and statistics to the OECD countries as well as Russia, India and China.		<onlyinclude>The '''International Energy Agency (IEA)''' was formed in 1974 under the umbrella of the [[OECD]] as a response to the turmoil of the [[Oil crisis of the 1970s \| 1973 Oil Embargo]].</onlyinclude> The mission of the IEA at its inception was to ensure a stable [[supply]] of [[oil]] to the OECD countries.<ref name = IEA>IEA. "Our mission." [Online], Available: http://www.iea.org/about/ourmission/, 2016 [July 8, 2016].</ref> Over time the mandate of the IEA has evolved to include the compilation and distribution of information and statistics to the OECD countries as well as Russia, India and China.

	Today, the IEA focuses on ensuring the supply of clean and affordable [[energy]] for the world. [[Energy security]], economic development, environmental awareness and worldwide engagement are aspects that the IEA focuses on in order to promote their goals.<ref~~>Investopedia. "International Energy Agency." [Online], Available: http://www.investopedia.com/terms/i/international-energy-agency.asp?ad=dirN&qo=serpSearchTopBox&qsrc=1&o~~=~~40186 [July 8, 2016].<~~/~~ref~~>		Today, the IEA focuses on ensuring the supply of clean and affordable [[energy]] for the world. [[Energy security]], economic development, environmental awareness and worldwide engagement are aspects that the IEA focuses on in order to promote their goals.<ref name = IEA/>

	The IEA has 29 member states, primarily in North America and Europe. The member states of the IEA are required to hold a certain amount of oil in [[reserve]] to ensure the steady supply and to avoid incident such as those in the 70s. The mandatory reserve requirement means that in the event of a shock to the supply of oil, the IEA states can respond effectively to correct the negative effects.		The IEA has 29 member states, primarily in North America and Europe. The member states of the IEA are required to hold a certain amount of oil in [[reserve]] to ensure the steady supply and to avoid incident such as those in the 70s. The mandatory reserve requirement means that in the event of a shock to the supply of oil, the IEA states can respond effectively to correct the negative effects.

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[[Category:Done 2016-04-30]]
<onlyinclude>The '''International Energy Agency (IEA)''' was formed in 1974 under the umbrella of the [[OECD]] as a response to the turmoil of the [[Oil crisis of the 1970s | 1973 Oil Embargo]].</onlyinclude> The mission of the IEA at its inception was to ensure a stable [[supply]] of [[oil]] to the OECD countries.<ref>IEA. "About Us." [Online], Available: http://www.iea.org/aboutus/, 2016 [July 8, 2016].</ref> Over time the mandate of the IEA has evolved to include the compilation and distribution of information and statistics to the OECD countries as well as Russia, India and China.

Today, the IEA focuses on ensuring the supply of clean and affordable [[energy]] for the world. [[Energy security]], economic development, environmental awareness and worldwide engagement are aspects that the IEA focuses on in order to promote their goals.<ref>Investopedia. "International Energy Agency." [Online], Available: http://www.investopedia.com/terms/i/international-energy-agency.asp?ad=dirN&qo=serpSearchTopBox&qsrc=1&o=40186 [July 8, 2016].</ref>

The IEA has 29 member states, primarily in North America and Europe. The member states of the IEA are required to hold a certain amount of oil in [[reserve]] to ensure the steady supply and to avoid incident such as those in the 70s. The mandatory reserve requirement means that in the event of a shock to the supply of oil, the IEA states can respond effectively to correct the negative effects.

==The IEA in Action==
One example of the IEA providing stability to the oil supply and market in in the aftermath of Hurricane Katrina in 2005. The IEA was able to ensure stability by increasing the supply of oil to the market by 60 million [[barrel]]s (over 30 days). The injection of extra oil reserves into the market kept prices from rising and various oil products such as [[gasoline]] physically available.<ref>IEA. "Contributions of IEA Member Countries to the Hurricane Katrina Oil Supply Disruption." [Online], Available: https://www.iea.org/newsroomandevents/pressreleases/2005/september/2005-09-07-.html, Sept. 7, 2005 [July, 8, 2016].</ref>

==References==
{{reflist}}