[Federal Register Volume 63, Number 149 (Tuesday, August 4, 1998)]
[Notices]
[Pages 41550-41558]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-20727]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF ENERGY


Voluntary Agreement and Plan of Action to Implement the 
International Energy Program

AGENCY: Department of Energy.

ACTION: Notice of intention to amend ``Voluntary Agreement and Plan of 
Action to Implement the International Energy Program.''

-----------------------------------------------------------------------

SUMMARY: The Department of Energy (DOE) gives notice that the 
Department of Justice intends to amend the ``Voluntary Agreement and 
Plan of Action to Implement the International Energy Program'' 
(``Voluntary Agreement'') to implement changes recently enacted by 
Public Law 105-77 to the antitrust defense in section 252 of the Energy 
Policy and Conservation Act (EPCA) for U.S. oil companies participating 
in the International Energy Agency's (``IEA'') emergency preparedness 
program. The Voluntary Agreement, which was adopted in 1976, implements 
the EPCA section 252 antitrust defense. The Administration sought the 
changes to EPCA section 252 to conform legal authority for U.S. oil 
company participation in IEA emergency preparedness activities to 
current U.S. and IEA emergency response policy for oil supply 
disruptions. Prior to the enactment of Public Law 105-77, the EPCA 
section 252 antitrust defense was available only for planning and 
implementing the IEA's emergency international oil allocation system in 
response to significant international oil supply interruptions. Now the 
antitrust defense extends to the participating U.S. oil companies when 
they assist the IEA in planning and implementing coordinated drawdown 
of government-owned or government-controlled petroleum stocks, a policy 
the U.S. successfully urged upon its IEA partners. The Department of 
Justice intends to amend the existing Voluntary Agreement 20 days after 
publication of this Notice, to implement the changes to EPCA section 
252 enacted by Public Law 105-177.

FOR FURTHER INFORMATION CONTACT: Samuel M. Bradley, Acting Assistant 
General Counsel for International and Legal Policy, Department of 
Energy, Forrestal Building, Room 6H-74, 1000 Independence Avenue S.W., 
Washington, D.C. 20585; 202-586-6738
  Angela Hughes, Attorney-Adviser, Transportation, Energy and 
Agriculture Section, Antitrust Division, Department of Justice, 555 4th 
Street, N.W., Washington, D.C. 20001; 202-307-6410

SUPPLEMENTARY INFORMATION:
    The IEA, the main forum for energy cooperation among 24 
industrialized countries, <SUP>1</SUP> was created in 1974 by its 
governing treaty, the Agreement on an International Energy Program (the 
``IEP Agreement''). Based in Paris, the IEA is an autonomous agency 
within the framework of the Organization for Economic Cooperation and 
Development (``OECD''). The IEA's main decision-making body is its 
Governing Board, composed of senior energy officials from each member 
country; the work of the Agency is supported by a Secretariat headed by 
an Executive Director.
---------------------------------------------------------------------------

    \1\ Australia, Austria, Belgium, Canada, Denmark, Finland, 
France, Germany, Greece, Hungary, Ireland, Italy, Japan, Luxembourg, 
the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, 
Switzerland, Turkey, the United Kingdom, and the United States.
---------------------------------------------------------------------------

    The IEA was formed in the aftermath of the 1973-74 Arab-Israel War 
crisis. That crisis--and the failure to mount any effective joint 
response to the supply disruption that it involved--shocked the nations 
of the industrialized world into action to reduce their vulnerability 
to future disruptions. It was the United States that took the 
initiative, calling an international conference in Washington in 1974 
that led to negotiation of the IEP Agreement. Through that Agreement 
the IEA's founders charged it with responsibility for international 
cooperation on oil supply disruption responses, long-term policies to 
reduce dependence on oil, energy information systems, oil market 
transparency, energy research and development, and relations with OECD 
and non-OECD oil producers and consumers.
    The IEP Agreement contains, in addition to its institutional 
arrangements, a body of obligations that are binding on the member 
governments. These include both long-term cooperation obligations, and 
emergency response commitments, including the commitment to participate 
in oil sharing with one another, in accordance with an agreed formula, 
in case the IEP's emergency measures are activated by a serious supply 
disruption.
    The IEP's international oil sharing system has never been 
triggered, and over the years the IEA's emergency preparedness strategy 
has evolved significantly, reflecting the growing experience as well as 
the dramatic changes that have occurred in oil markets and IEA member 
countries. Taking into account the lessons of the so-called ``Second 
Oil Crisis,'' beginning with the Iranian revolution in 1979 and 
continuing during the Iran/Iraq War,

[[Page 41551]]

and the growth of strategic oil stocks in member countries, the IEA, in 
response to urging by the U.S., adopted in 1984 its decision on 
``Stocks and Supply Disruptions,'' the so-called ``Coordinated 
Emergency Response Measures'' or ``CERM Decision,'' which supplemented 
the emergency international oil allocation system the IEA already had 
in place for dealing with oil supply disruptions.
    The CERM Decision registered the IEA's conclusion that in most 
supply disruptions timely coordinated drawdown of members' strategic 
stocks could be a rapid and effective means of restoring interrupted 
supply and mitigating economic damage. During the 1990-91 Gulf crisis 
the IEA implemented a ``CERM'' Contingency Plan providing for IEA 
member countries to make available to the market 2.5 million barrels of 
oil per day, although at the time EPCA section 252's limitations 
prevented the IEA from soliciting U.S. company views specifically on 
the preparation of the Plan. The U.S. contribution to the Plan was to 
draw down 17 million barrels of oil from the SPR in January 1991. In 
1995 the IEA's Governing Board adopted its ``Decision on Emergency 
Response Policies,'' which had been sought by the U.S., and which 
represents a commitment by the IEA member countries that in the event 
of an oil supply disruption they will give first consideration to 
coordinated stockdraw rather than to international oil allocation.
    The IEA has from the Agency's founding relied heavily on the direct 
cooperation of the oil industry in developing, testing and, 
potentially, advising on and implementing emergency measures. It has 
been recognized from the outset that the performance of these functions 
at the behest of governments could expose companies to antitrust and 
breach of contract risks under U.S. law. To facilitate U.S. company 
participation in the IEA, the Congress in 1975 enacted section 252 of 
the EPCA, which authorized the development of voluntary agreements and 
plans of action to implement the allocation and information provisions 
of the IEP, and makes available a limited antitrust defense and breach 
of contract defense with respect to actions taken to develop or carry 
out voluntary agreements and plans of action. A ``Voluntary Agreement 
and Plan of Action to Implement the International Energy Program'' was 
agreed to in 1976 by a number of U.S. oil companies. <SUP>2</SUP> See 
41 FR 13998 (April 1, 1976) and 2 CCH Federal Energy Guidelines, para. 
15,845. In 1988, the Attorney General amended the Voluntary Agreement 
to incorporate a ``Second Plan of Action to Implement the International 
Energy Program,'' which describes actions the participating U.S. 
companies may take during implementation of the IEA's emergency 
international oil sharing system.
---------------------------------------------------------------------------

    \2\ At the present time, the following companies, which have 
agreed to be IEA Reporting Companies, are participants in the 
Voluntary Agreement: Amoco Corporation, Ashland Petroleum Company, 
ARCO Oil and Gas Company, Caltex Petroleum Corporation, Chevron 
Corporation, Conoco Inc., Exxon Corporation, Mobil Oil Corporation, 
Phillips Petroleum Company, Shell Oil Company, and Texaco Inc.
---------------------------------------------------------------------------

    The recently-enacted amendments to EPCA section 252, when 
implemented by amendments to the Voluntary Agreement, will ensure full 
protection against antitrust risk for U.S. companies when they assist 
the IEA in developing, testing, and implementing coordinated drawdown 
of government-owned and government-controlled petroleum stocks.
    In accordance with Section 9(a) of the Voluntary Agreement, on July 
7, 1998, the Department of Energy submitted to the Assistant Attorney 
General of the Antitrust Division for his approval, and to the Federal 
Trade Commission and the Assistant Secretary of State for Economic and 
Business Affairs for their comments, proposed amendments to the 
Voluntary Agreement to implement the changes to EPCA section 252 
enacted by Public Law 105-177. The text of these implementing 
amendments is set forth in Appendix 1.
    DOE has received from the Department of Justice notice of the 
latter's approval, pursuant to its authority under section 252(d)(1) of 
the EPCA and section 11(b) of the Voluntary Agreement, of these 
implementing amendments. Prior consultation with the Federal Trade 
Commission and the Department of State concerning these amendments also 
has taken place, as required by section 252(d)(1) of the EPCA. The 
Department of Justice's letter authorizes DOE, on behalf of the Justice 
Department, to give notice to the Voluntary Agreement participants, as 
required by section 11(b) of the Voluntary Agreement, that the 
Department of Justice intends to adopt the implementing amendments to 
the Voluntary Agreement effective 20 days after the date of this 
Federal Register notice. Therefore, this Federal Register notice 
constitutes the notice to Voluntary Agreement participants which the 
Department of Justice is required to provide pursuant to section 11(b) 
of the Voluntary Agreement. The correspondence among the Departments of 
Energy, Justice and State and the Federal Trade Commission concerning 
these amendments is contained in Appendix 2.
    Issued in Washington, D.C. July 29, 1998.
Mary Anne Sullivan,
General Counsel

Appendix 1--Amendments to the Voluntary Agreement and Plan of 
Action to Implement the International Energy Program

    The Department of Justice intends to amend the Voluntary Agreement 
and Plan of Action to Implement the International Energy Program 
effective 20 days after publication of this notice. The Voluntary 
Agreement as intended to be amended is set out below, with new language 
in italics and text to be removed in brackets.

Voluntary Agreement and Plan of Action to Implement the International 
Energy Program

1. Need for an Agreement
    The oil embargo of 1973 and the marked increase in world oil prices 
which occurred almost simultaneously severely disrupted the economies 
of most importing nations and strained their political, strategic, and 
economic relationships. Inadequate cooperation among the industrialized 
countries resulted in unilateral efforts on the part of many to obtain 
supplies of oil. The United States Government and certain other members 
of the Organization for Economic Cooperation and Development (OECD), 
based on the need demonstrated by that experience, have undertaken to 
achieve a coordinated approach to decrease their dependence on foreign 
oil, and to reduce the strategic and economic vulnerability which such 
dependence can cause. The United States Government and such other 
governments have decided that their best interests lie in taking steps, 
such as developing plans for coordinated drawdown of strategic 
petroleum stocks and international oil allocation [an effective 
international oil allocation plan], to minimize the effects of a supply 
interruption and to assure that the exigencies of extreme shortage do 
not unduly disrupt national economics or the world petroleum market.
    In this connection, the President of the United States determined 
that, with respect to this country's national security and defense 
programs and the related programs of certain other

[[Page 41552]]

members of the OECD, should any substantial reduction in world 
petroleum supplies occur, it would directly impair United States 
defense mobilization efforts. In addition, failure to respond promptly 
to substantial international oil supply reductions, either by 
augmenting supplies through coordinated drawdown of strategic petroleum 
stocks and complementary actions or allocating [ensure that the] 
remaining supplies [were allocated] rationally and fairly among the 
major consuming nations, would have an adverse impact on U.S. national 
security and defense mobilization efforts. In view of the foregoing, 
the President has determined that the United States must be prepared to 
cooperate with other nations in developing and implementing effective 
measures for coordinated drawdown of strategic petroleum stocks and 
complementary actions and when necessary the distribution of available 
supplies on a rational and equitable basis, [in order to utilize them 
with maximum efficiency during any future supply interruption], thus 
minimizing the impact of any interruption on the economy and security 
of the United States.
    As part of a policy to reduce their dependence on foreign oil and 
to obtain the greatest utility of supplies during an oil emergency, the 
United States and certain other OECD members have signed an Agreement 
on an International Energy Program (IEP), pursuant to which an 
International Energy Agency (IEA) has been established as an autonomous 
institution within the OECD. The effective functioning of the IEP is a 
vital element in United States international energy policy and thus an 
important factor in our overall foreign policy.
    Consultations and cooperation with the IEA by certain oil companies 
are essential to the effective implementation of the IEA's 
international emergency response provisions [allocation and information 
provisions of the IEP] and, in particular, to the development and 
testing of the information system and to the development of plans and 
programs for implementation of these response provisions [the 
international allocation of oil] in times of emergency, to testing 
systems developed for such response provisions [international 
allocation] and, in emergencies, to actual implementation of such 
plans, programs and systems.
    In this connection, the President of the United States, in 1975, 
requested a number of United States oil companies to enter into a 
Voluntary Agreement and Program Relating to the International Energy 
Program, pursuant Section 708 of the Defense Production Act of 1950. In 
compliance with President's request, certain companies entered into 
that Voluntary Agreement and Program, which was published in the 
Federal Register on April 8, 1975, Fed. Reg. 1601.
    Effective 90 days after its enactment, the Energy Policy and 
Conservation Act (EPCA) prohibits utilization of the authority 
contained in Section 708 of the Defense Production Act for any 
Voluntary Agreement to implement the International Energy Program. 
Section 252 of the EPCA provides specifically for Voluntary Agreements 
and plans of action to implement the IEA's international emergency 
response provisions [allocation and information provisions of the IEP] 
and provides that, effective 90 days after enactment, the procedures 
provided in Section 252 shall be the sole procedures applicable to such 
Voluntary Agreements and plans of action. Therefore, the existing 
Voluntary Agreement and Program Relating to the International Energy 
Program will cease to be effective on March 21, 1976.
2. What This Agreement Does
    This is a voluntary agreement and plan of action under section 252 
of Energy Policy and Conservation Act, 89 Stat. 871. Section 252 
provides that participants in voluntary agreements shall have as a 
defense to any civil criminal action brought under the antitrust laws 
or any similar state law that challenged actions were taken in the 
course of developing or carrying out a voluntary agreement or plan of 
action in compliance with the requirements of section 252 and rules 
promulgated thereunder. It is contemplated that this defense will be 
available to all parties, including eligible affiliates, who are 
participants under section 9 of this Voluntary Agreement and Plan of 
Action (hereinafter called ``this Agreement''). This Agreement 
contemplates that actions taken by the participants in order to 
implement the objectives of the IEP will include (i) the membership of 
participants in standing groups, working parties, advisory bodies or 
other bodies created by the IEA or the U.S. Government for the purpose 
of implementing the IEA's international emergency response provisions 
[allocation and information provisions of the IEP], (ii) consultations, 
planning, and individual and join actions which participants may take 
to implement the IEA's international emergency response provisions 
[international allocation of petroleum pursuant to the IEP] , and (iii) 
the furnishing by participants of data and information, and 
consultations and planning in respect thereof, in accordance with the 
IEA's international emergency response provisions [allocation and 
information provisions of the IEP] , all as included within the scope 
of Sections 5 and 6 of this Agreement. This Agreement does not 
contemplate acts which affect the production, refining, transportation, 
or the marketing of petroleum within the United States except such acts 
which are reasonably in accordance with the provisions of the IEP or 
plans of action approved pursuant to section 6 of this Agreement.
3. Definitions for Purposes of This Agreement
    (a) ``Oil Companies'' means international companies, national 
companies, integrated and non-integrated companies, and other entities 
which play a significant role in the business of producing, 
transporting, refining, distributing or storing petroleum.
    (b) ``Administrator'' means the Secretary of the United States 
Department of Energy [Administrator of the Federal Energy 
Administration].
    (c) ``Petroleum'' means ``petroleum product'' as defined in section 
3 of the EPCA, including to that extent:
    (1) Crude oil
    (2) Natural gas liquids and other liquids produced in association 
with crude oil or natural gas.
    (3) Refined petroleum products, including but not limited to 
gasoline, kerosene, distillates, residual fuel oil, refined lubricating 
oil, and liquefied petroleum gases, and
    (4) Blending agents and additives used in conjunction with crude 
oil and refined petroleum products.
    (d) ``United States'' when used in the geographical sense means all 
of the several states, the District of Columbia, Puerto Rico, the 
territories and possessions of the United States, and the Outer 
Continental Shelf (as defined in section 2 of the Outer Continental 
Shelf Lands Act).
    (e) ``International Energy Agency'' (IEA) means the International 
Energy Agency established by the International Energy Program.
    (f) ``International Energy Program'' (IEP) means the Agreement on 
an International Energy Program, signed by the United States on 
November 18 1974, including (i) the annex entitled ``Emergency 
Reserves'', (ii) any amendment to such Agreement which includes another 
nation as party to such Agreement, and (iii) any technical or clerical 
amendment to such Agreement.
    (g) ``Antitrust laws'' includes'

[[Page 41553]]

    (1) the Act entitled ``An Act to protect trade and commerce against 
unlawful restraints and monopolies'', approved July 2, 1890 (15 U.S.C. 
1, et seq.);
    (2) the Act entitled ``An Act to supplement existing laws against 
unlawful restraints and monopolies, and for other purposes'', approved 
October 15,1914 (15 U.S.C. 12, et seq.);
    (3) the Federal Trade Commission Act (15 U.S.C 41, et seq.);
    (4) sections 73 and 74 of the Act entitled ``An Act to reduce 
taxation, to provide revenue for the Government, and for other 
purposes'', approved August 27,1894 (15 U.S.C. 8 and 9); and
    (5) the Act of June 19, 1936, chapter 592 (15 U.S.C. 13, 13a, 13b, 
and 21A).
    (h) ``International energy supply emergency'' means any period (A) 
beginning on any date which the President determines allocation of 
petroleum products to nations participating in the International Energy 
Program is required by chapters III and IV of such program, and (B) 
ending on a date on which he determines that all such allocation is no 
longer required.
    [(i) ``Allocation and information provisions of the International 
Energy Program'' means the provisions of the International Energy 
Program which relate to international allocation of petroleum products 
and to the information system provided in such program.]
    (i) ``IEA's international emergency response provisions'' means
    (1) the provisions of the International Energy Program which relate 
to international allocation of petroleum products and to the 
information system provided in the Program, and
    (2) the emergency response measures adopted by the Governing Board 
of the International Energy Agency (including the July 11, 1984, 
decision by the Governing Board on ``Stocks and Supply Disruptions'') 
for --
    (i) the coordinated drawdown of stocks of petroleum products held 
or controlled by governments; and
    (ii) complementary actions taken by governments during an existing 
or impending international oil supply disruption.
4. International Energy Program
    This Agreement facilitates implementation of the IEA's 
international emergency response provisions [allocation and information 
provisions of the International Energy Program].
    It is understood that the U.S. Government does not view this 
Agreement as in any way affecting the rights and obligations of the 
United States as a party to the IEP.
5. Meetings and Consultation
    (a) Upon the invitation of the IEA and with the approval of the 
Administrator and the Attorney General, any participant herein may 
accept membership in any advisory body, working party, or other group 
created by the IEA, and any subgroup thereof, including but not limited 
to the Industry Advisory Board, the Reporting Company Group, the 
Industry Working Party to the Standing Group on the Oil Market, the 
Industry Supply Advisory Group (hereinafter called ISAG), and 
subcommittees and other ad hoc groups. The Administrator shall give 
notice to the Federal Trade Commission of each participant's membership 
in any group pursuant to this section. Approval of membership in any 
advisory body, working party, or other group created by the IEA, shall 
be deemed to constitute approval of membership in any subgroup thereof, 
provided that the participant provides written notice to the 
Administrator, the Attorney General, and the Federal Trade Commission 
ten days prior to accepting such membership and provided that 
membership in such subgroup may be disapproved prospectively at any 
time by the Administrator or the Attorney General upon written notice 
to the participant. In addition, subject to the approval of the 
Attorney General, any participant to this Agreement may accept 
membership in any advisory body, working party or other group 
established by the Administrator or the Secretary of State with respect 
to the IEA [IEP] provided that any such group shall be chaired by a 
full time federal employee who shall control the agendas for all 
meetings of such group.
    (b)(l) Each participant to this Agreement may as a member of a 
group, or subgroup thereof, established as provided in subsection 5(a) 
advise and consult with the IEA or the U.S. Government or with other 
persons or entities, at meetings held in accordance with subsection 
5(c), in order to develop, test or implement any of the IEA's 
international emergency response provisions, including pursuant to a 
plan of action approved pursuant to Section 6 [or, as necessary, during 
an IEA allocation systems test, with respect to the allocation and 
information provisions of the IEP, including the development and 
recommendation to the IEA of emergency measures and programs and plans 
subsidiary thereto, to be implemented pursuant to section 6]. To 
further develop a subject discussed at such a meeting held in 
accordance with subsection 5(c), participants may exchange with other 
members of a group, or subgroup thereof, written drafts or comments 
thereon, in order to develop material to be considered at subsequent 
meetings. In order to develop, test or implement any of the IEA's 
international emergency response provisions, including pursuant to a 
plan of action approved pursuant to Section 6, each participant may 
also furnish and exchange information and data, including confidential 
and proprietary information and data, [in order to implement a plan of 
action approved pursuant to section 6 or an IEA allocation systems 
test,] and may also furnish data and information, including 
confidential and proprietary information and data, to the IEA, or any 
groups created by the IEA, or any subgroups thereof, [in order to 
implement the allocation and information provisions of the IEP] ; 
provided that confidential or proprietary information and data may be 
exchanged among the participants, and with other persons and entities 
or provided by the participants to the IEA, only in accordance with the 
procedures set out in subsections 5(b)(2) and (3) below. Any written 
confidential or proprietary information or data furnished or exchanged 
pursuant to this section shall be retained by the participant 
furnishing such data and provided upon request to the Administrator, 
the Attorney General and the Federal Trade Commission.
    (2) [In order to implement this Agreement or plans of action 
approved pursuant to Section 6, and] Except as provided in subsection 
5(b)(3), confidential or proprietary information or data may be 
exchanged with, or provided to participants, the IEA, or other persons 
or entities, only if the Administrator, after consultation with the 
Secretary of State, and with the concurrence of the Attorney General 
after consultation with the Federal Trade Commission, has approved in 
writing the exchange or provision of such types of information or data. 
Confidential or proprietary information or data provided or exchanged 
pursuant to this subsection shall be aggregated or otherwise compiled 
by the Administrator or the IEA to prevent, to the extent possible, the 
identification of individual company data or information before being 
disclosed to or exchanged with the participants or any other person or 
entity unless the Administrator, after consultation with the Secretary 
of State and with the concurrence of the Attorney General, has 
determined that such exchange or disclosure is necessary in order to

[[Page 41554]]

develop, test or implement any of the IEA's international emergency 
response provisions, including pursuant to a plan of action approved 
pursuant to Section 6 [to develop, prepare, or test emergency 
allocation measures].
    (3) Upon notification by the Administrator to the participants of 
an international energy supply emergency as provided in subsection 
6(a)(1), the participants may, in addition to information provided 
pursuant to the procedures in subsection 5(b(2), provide to the IEA and 
to each other and to persons or entities as may be designated by the 
IEA or the Administrator (which designation may be by class), such 
types of confidential or proprietary information as are reasonably 
required to implement this Agreement and plans of action approved 
pursuant to section 6, and participants may consult with and advise the 
IEA, among themselves and with such other persons and entities 
concerning such information and data. The participants shall notify the 
Administrator, the Attorney General, and the Federal Trade Commission 
of the types of information and data exchanged or provided pursuant to 
this subsection and shall at the request of the Administrator, the 
Attorney General, or the Federal Trade Commission, provide such 
information to them. The Administrator, after consultation with the 
Secretary of State, the Attorney General, and the Federal Trade 
Commission, may at any time prospectively prescribe terms and 
conditions for the continued exchange or provision of information or 
data pursuant to this subsection 5(b)(3).
    (4) No employee or representative of a participant will supply to 
his company any confidential or proprietary information about any other 
oil company obtained as a consequence of his membership in the ISAG, 
except such data necessary to be supplied in the course of carrying out 
ISAG's allocation procedures pursuant to an emergency allocation plan 
of action approved under section 6 or in an IEA allocation systems 
test, or such other procedures as may have been approved by the 
Administrator and by the Attorney General after consultation with the 
Federal Trade Commission.
    (c)(1) Any meetings pursuant to this Agreement shall be open to a 
representative of the Administrator, the Secretary of State, the 
Attorney General, and the Federal Trade Commission severally, to any 
United States Government employee designated by the Administrator, and 
to any other person as may be provided by law. The presence of a 
fulltime federal employee shall be essential to the conduct of a 
meeting. The Administrator or his designee shall keep a full and 
complete record, and where practicable a verbatim transcript of the 
meeting. Such record or transcript shall be deposited promptly with the 
Administrator and shall be available to the Attorney General, the 
Federal Trade Commission, and the Secretary of State.
    (2) Prior to notification by the Administrator to the participants 
of an international energy supply emergency as provided in subsection 
6(a)(1), notice of all meetings pursuant to this subsection 5(c), 
including time, place, expected participants and agenda, shall be 
provided by or on behalf of participants attending such meeting at 
least 14 calendar days in advance to the Administrator, unless 
emergency circumstances, IEA or IEP requirements, or other 
unanticipated circumstances require shorter notice and such shorter 
notice is approved by the Administrator. In order that full-time 
federal employees may be in attendance to monitor any subgroups, such 
notice shall if relevant, indicate the number of simultaneously meeting 
subgroups into which the participants intend to divide.
    (3) Subsequent to notification by the Administrator to the 
participants of an international energy supply emergency as provided in 
subsection 6(a)(1), the provisions of subsection 5(c)(2) shall be 
complied with to the extent practicable, provided, however, that, where 
time does not permit compliance with the notice provisions of such 
subsection, any group may have meetings so long as actual notice is 
given to the Administrator of such meeting by telephone or other 
appropriate means. For any such emergency meeting the participants 
shall provide in writing as soon as practicable to the Administrator, 
the Attorney General, and the Federal Trade Commission, the time, place 
participants or expected participants, and agenda.
    (4) During an international energy supply emergency, or an 
emergency or impending emergency as to which the Governing Board of the 
International Energy Agency determines to implement emergency measures 
described in section 3(i)(2), or a test of the IEA's international 
emergency response provisions [allocation systems test], any meeting of 
the ISAG [Industry Supply Advisory Group] (or other group with similar 
functions) at which representatives or employees of participants are 
present shall be considered a meeting subject to the provisions of this 
section, provided that the ISAG once convened may be considered to be 
in continuous session for that emergency or test without further 
notice.
    (d) All approvals granted to participants by the Administrator and 
the Attorney General pursuant to subsections 5(a) and 5(b)(l) of the 
Voluntary Agreement and Program Relating to the International Energy 
Program, which approvals are set out in Appendix A, shall be deemed to 
remain in effect for the purposes of subsections 5(a) and 5(b)(2) of 
this Agreement, provided that the persons who received such approvals 
become participants in this Agreement within 45 days of its effective 
date. Such approvals shall extend to subsidiaries and affiliated 
entities to the extent that such subsidiaries and affiliated entities 
are covered by this Agreement pursuant to subsection 9(b)(3).
6. Emergency Allocation
    (a)(1) Upon a determination by the President that an international 
energy supply emergency exists, the Administrator shall notify the 
participants to this Agreement. Thereafter, any participant acting 
alone, with other participants, or with other persons or entities, may 
take such actions as may be necessary or appropriate to implement 
emergency allocation programs of the IEA, subject to the terms and 
conditions of this Agreement and plans of action approved pursuant to 
this section. Such actions may include, among others, one or more of 
the following:
    (A) Arrangements between or among the participants, or with other 
persons and entities, for the most effective use, without regard to 
ownership, of terminal and storage facilities, tankers, pipeline 
capacities, and other transportation facilities so as to minimize 
duplications, multiple loadings and discharging, split cargoes, long 
hauling, cross hauling, and back hauling, and idle time in port.
    (B) The carrying out of the Second Plan of Action to Implement the 
International Energy Program, which is set out in Appendix B.
    (C) Alterations in the rate of production of petroleum. Such 
alterations may be accomplished by any one or more appropriate methods 
including the following: increasing or decreasing drilling for or 
production of oil; adjusting or establishing transportation facilities 
and crude throughput facilities, including adjustments in the 
throughput, quality specifications or yields or conversion of equipment 
now installed for the manufacture of any one particular petroleum 
product to the manufacture of another petroleum product; the

[[Page 41555]]

processing of selected crude oils or the exchange of components between 
various refineries; processing agreements; or exchange of refinery 
capacity.
    (b) After a determination by the President that an international 
energy supply emergency no longer exists and publication thereof in the 
Federal Register, no further action shall be initiated pursuant to this 
section and action previously initiated shall be completed as promptly 
as possible, and not later than 90 days after notification, provided 
that upon specific application, the Administrator, with the concurrence 
of the Attorney General after consultation with the Federal Trade 
Commission, may approve extensions of such 90 day period.
    (c)(1) Prior to notice of a determination by the President that an 
international energy supply emergency exists, plans of action may be 
developed elaborating and applying the allocation principles and 
measures established by the Governing Board of the IEA. Each such plan 
shall describe the types of substantive actions which may be taken 
under the plan and shall be as specific in its description of proposed 
substantive actions as is reasonable in light of [known] circumstances 
known at the time of approval. Plans of action may be modified from 
time to time and in particular may be made more detailed as planning 
continues. Any plan of action, or modification thereof, pursuant to 
this Agreement may not be carried out unless approved by the 
Administrator, and by the Attorney General after consultation with the 
Federal Trade Commission. Any plan of action or modification thereof 
shall be submitted in writing by the Administrator to the Attorney 
General and the Federal Trade Commission at least 20 days before being 
implemented, provided that during an international energy supply 
emergency, the Administrator, subject to the approval of the Attorney 
General, may reduce such 20-day period.
    (2) The Attorney General, in consultation with the Administrator, 
the Federal Trade Commission, and the Secretary of State, or the 
Administrator with the approval of the Attorney General and in 
consultation with the Federal Trade Commission and the Secretary of 
State, may at any time review, amend, modify, disapprove, or revoke, in 
whole or in part, on his own motion or upon the request of another 
federal agency or interested person, any plan of action submitted to 
him for approval or already approved by him. The Administrator shall 
provide notice to the participants of any approval, amendment, 
modification, disapproval, or revocation of any plan of action.
    (3) Except as provided in subsection 5(b)(l), the joint 
development, joint formulation, or joint approval by the participants 
of any plans of action as described in this subsection 6(c) shall take 
place only at meetings of groups in which membership by the 
participants has been approved pursuant to section 5 and which are 
conducted in accordance with the provisions of that section.
    (d) During an international energy supply emergency, any plans of 
action submitted to the Administrator and the Attorney General shall be 
deemed to have been approved if neither the Attorney General nor the 
Administrator has given notice of disapproval to the participants on or 
before the expiration of a 20-day[s] period after receipt of the plan 
by the Attorney General and the Federal Trade Commission, provided that 
the Administrator, with the approval of the Attorney General, may 
reduce such 20-day period.
    (e)(1) During an international energy supply emergency, any 
participant may initiate individual, joint, or agreed action in 
implementation of this Agreement or plans of action approved pursuant 
to this section. Except where an approved plan of action contains other 
provisions for recordkeeping and reporting to the U.S. Government with 
respect to actions taken to carry out the plan of action, each 
participant taking any joint or agreed action or agreeing to take any 
action pursuant to this subsection shall notify the Administrator and 
the Attorney General within 72 hours, or longer period as may be 
determined by the Administrator, after the end of the week in which 
such action is taken or agreed upon.
    (2) Such notification shall identify how such action is in 
implementation of approved plans of action, the companies involved in 
such action, the quantities of petroleum involved, and such other 
detail as the Administrator may require. It shall also identify a 
responsible person or persons who shall be prepared to answer inquiries 
by the Administrator or the Attorney General concerning the action 
agreed upon or taken.
    (3) The Administrator or the Attorney General may disapprove such 
action or such agreement after receipt of notice of the action or 
agreement if, after consultation with the Secretary of State, he 
determines that such action or agreement is not in implementation of 
plans of action previously approved by the Administrator and the 
Attorney General.
    (4) With respect to any action taken prior to notice of disapproval 
by the Administrator or the Attorney General, a defense to any civil or 
criminal action brought under the antitrust laws (or any similar State 
law) shall be available in accordance with section 252(f) of the EPCA.
    (5) Where action has been disapproved and appropriate corrective 
action has not been taken, the Administrator may, after consultation 
with the Attorney General, the Federal Trade Commission, and the 
Secretary of State, require the withdrawal of the participant from the 
Agreement or from any plan of action approved under this Agreement. 
Such withdrawal shall not affect any power of the Administrator to 
otherwise compel corrective action.
7. Agreement of Participants
    The participants severally agree that they shall endeavor in good 
faith to take such measures as may be necessary or appropriate, taking 
into account such limitations as may be imposed by circumstances such 
as lack of petroleum resources or facilities, governmental restrictions 
or requirements, and economic or other detriment, to develop and 
implement plans of action contemplated by this Agreement.
    The failure of the Administrator, other government official, or the 
IEA to take any action required of them by this Agreement or any plans 
of action approved pursuant to this Agreement shall not affect the 
availability of the antitrust defense provided for actions taken in 
accordance with this agreement and plans of action approved pursuant to 
this Agreement.
8. Records
    Participants shall keep whatever records are required by section 
252 of the EPCA and regulation issued pursuant thereto. In any event, 
each participant shall maintain, for a period of five years, full and 
complete records of all its actions related to this Agreement including 
but not limited to (i) all intracorporate documents related to any 
meeting held pursuant to Section 5 or any action proposed or carried 
out pursuant to Section 6 of this Agreement and (ii) any specific 
records and indices which the Administrator, the Attorney General, or 
the Federal Trade Commission may require. All such records shall be 
made available promptly upon written request to the Administrator, the 
Attorney General, or the Federal Trade Commission. Each participant 
shall also make such reports with respect to any action related to this 
Agreement as may be reasonably required by the Administrator, the

[[Page 41556]]

Attorney General, or the Federal Trade Commission.
9. Approval of Agreement and Procedure for Becoming a Participant
    (a) This Agreement or any amendment or modification may not be 
carried out unless approved by the Attorney General, after consultation 
with the Federal Trade Commission, in accordance with the EPCA. The 
Administrator shall submit to the Attorney General and the Federal 
Trade Commission the proposed agreement or any amendment or 
modification, in writing at least 20 days prior to implementation, 
provided that during an international energy supply emergency, the 
Administrator, subject to the approval of the Attorney General, may 
reduce such 20 day period. Upon the Attorney General's approval, the 
Agreement or any amendment or modification shall be published in the 
Federal Register.
    (b)(1) At the time this Agreement is submitted to the Attorney 
General for approval or subsequently, the Administrator shall submit to 
the Attorney General the name of any oil company whose participation in 
the Agreement he has determined to be appropriate in light of the 
purposes of this Agreement. If the Attorney General, after consultation 
with the Federal Trade Commission, approves the company's 
participation, the Administrator may request such company in writing to 
participate. An oil company shall become a participant in the Agreement 
by advising the Administrator, in writing, of its acceptance of the 
Administrator's request. The Administrator shall notify the Attorney 
General and the Federal Trade Commission of such acceptances. Notice of 
such requests and their acceptance shall be published in the Federal 
Register. Such requests and their acceptance shall be effective for the 
purpose of making available the antitrust defense provided pursuant to 
this Agreement only with respect to such actions by such companies as 
are within the scope of sections 5 and 6 of this Agreement.
    (2) Any oil company which desires to become a participant may ask 
that it be so requested. If the Administrator determines that its 
participation is appropriate in light of the purposes of this 
Agreement, he shall, subject to the approval of the Attorney General 
after consultation with the Federal Trade Commission, request that such 
company participate in accordance with the procedures set forth in 
paragraph (1) of this subsection.
    (3) Approval of any oil company's participation in this Agreement 
shall extend to actions of other companies which (i) are more than 50% 
owned. directly or indirectly, by the company to which approval is 
granted, (ii) own, directly or indirectly, more than 50% of the company 
to which approval is granted, or (iii) are more than 50% owned, 
directly or indirectly, by a person described in (ii), provided that 
the company to which approval is granted notifies the Administrator and 
the Attorney General of each affiliate to be covered by this 
subsection, including the reasons for its inclusion and the nature of 
the company's ownership; and provided that neither the Administrator 
nor the Attorney General notifies the participant that he disapproves 
the coverage of such affiliate by this subsection.
10. Notices
    Where notice under this Agreement is required to be furnished by a 
participant to the Administrator, the Attorney General, the Federal 
Trade Commission or the Secretary of State, such notice shall be 
directed to the following persons, or to such other persons as the 
Administrator, the Attorney General, the Federal Trade Commission, or 
the Secretary of State may designate:
    (a) Administrator: The Secretary [Administrator], U.S. Department 
of Energy [Federal Energy Administration], Washington, D.C. 20585 
[20461].
    (b) Attorney General: Assistant Attorney General, Antitrust 
Division, Washington, D.C. 20530. ATTN: Chief, Transportation, Energy 
and Agriculture [Public Counsel and Legislative] Section.
    (c) Federal Trade Commission: Secretary, Federal Trade Commission, 
Washington, D.C. 20580., ATTN: Director, Bureau of Competition.
    (d) Secretary of State: Assistant Secretary of State for Economic 
and Business Affairs, Department of State, Washington, D.C. 20520.
11. Effective Date and Duration
    (a) This Agreement or any amendment or modification shall become 
effective upon the date of its approval by the Attorney General as 
provided in subsection 252(d) of the EPCA. Unless revoked or 
disapproved by the Attorney General pursuant to section 252(d), it 
shall be effective whenever authorized by section 252 of the EPCA, or 
any other legislation.
    (b) The Attorney General, in consultation with the Federal Trade 
Commission, the Secretary of State, and the Administrator, may review, 
amend, modify, or revoke this Agreement, on his own motion or upon the 
request of a federal agency or interested person, at any time, and, if 
revoked, thereby terminate prospectively the availability of any 
immunity to the antitrust laws (or similar state laws) which may be 
provided by compliance with this Agreement. Except as he may otherwise 
determine, the Attorney General shall provide at least 20 days notice 
to the Administrator, the Federal Trade Commission, the Secretary of 
State, and the participants of any intention to amend, modify, or 
revoke this Agreement.
12. Withdrawal From Agreement
    (a) Any participant may withdraw from this Agreement upon at least 
30 calendar days notice to the Administrator subject to the fulfillment 
of obligations incurred under this Agreement prior to the date of such 
notice, except that when emergency measures have been undertaken in 
accordance with section 6 of the Agreement or the Administrator 
determines that such measures may be immediately required, the 
Administrator may postpone the effective date of withdrawal for up to 
60 calendar days.
    (b) The Administrator, after consultation with the Attorney 
General, the Federal Trade Commission, and the Secretary of State, may 
by giving not less than 10 calendar days written notice to any 
participant require the withdrawal of that participant from this 
Agreement or any plan of action approved pursuant to this Agreement.

Appendix 2--Correspondence Concerning Approval of the Amendments to 
the Voluntary Agreement and Plan of Action to Implement the 
International Energy Program

    (1) Letter of the General Counsel of the Department of Energy to 
the Assistant Attorney General of the Antitrust Division, dated July 7, 
1998:
    In accordance with section 252(d) of the Energy Policy and 
Conservation Act (EPCA) and section 9(a) of the ``Voluntary Agreement 
and Plan of Action to Implement the International Energy Program,'' I 
herewith submit for your approval proposed amendments to the Voluntary 
Agreement.
    The proposed amendments to the Voluntary Agreement implement 
changes recently enacted by Public Law 105-177 to section 252 of the 
EPCA. The Administration sought the changes to section 252 to conform 
the legal authority for U.S. oil company participation in International 
Energy Agency (IEA) emergency preparedness

[[Page 41557]]

activities to current U.S. and IEA emergency response policy for oil 
supply disruptions. As amended by Public Law 105-177, the antitrust 
defense in section 252 now extends to participating oil companies when 
they assist the IEA in planning for and implementing coordinated 
drawdown of government-owned or government-controlled petroleum stocks, 
a policy the U.S. successfully urged upon its IEA partners. The 
enclosed amendments were developed through consultations among the 
staffs of the Department of Energy, the Department of Justice, the 
Department of State, the Federal Trade Commission, and representatives 
of the Secretariat of the IEA and counsel to a number of U.S. oil 
companies participating in the Voluntary Agreement.
    Upon your approval, we will provide notice to the Voluntary 
Agreement participants of an intention to adopt the proposed amendments 
to the Voluntary Agreement, as required by section 11(b) of the 
Voluntary Agreement. We request that you adopt the amendments, pursuant 
to your authority under section 252(d)(1) of the EPCA, twenty days 
after our provision of such notice to the participating companies.
    The Chairman of the IEA's Industry Advisory Board (IAB) has advised 
the Department that at the request of the IEA he has scheduled an IAB 
meeting for September 11, 1998, to consider, among other subjects, 
issues related to the design of the IEA's fall test of its procedures 
for coordinated drawdown of strategic petroleum stocks. To accommodate 
the IAB and the IEA, we must adopt the proposed amendments by the first 
week of September.

cc: The Honorable Robert Pitofsky, Chairman, Federal Trade Commission
Ambassador Alan Larson, Assistant Secretary of State for Economic and 
Business Affairs
Roger W. Fones, Chief, Transportation, Energy and Agriculture Section, 
Antitrust Division.

    (2) Letter of the General Counsel of the Department of Energy to 
the Assistant Secretary of State for Economic and Business Affairs, 
dated July 7, 1998:

    I am writing to request your comments on the enclosed proposed 
amendments to the ``Voluntary Agreement and Plan of Action to 
Implement the International Energy Program.'' Simultaneously, I am 
forwarding this document to the Assistant Attorney General of the 
Antitrust Division for his approval; a copy of my letter to him is 
enclosed.
    The proposed amendments to the Voluntary Agreement implement 
changes recently enacted by Public Law 105-177 to section 252 of the 
Energy Policy and Conservation Act (EPCA). The Administration sought 
the changes to section 252 to conform the legal authority for U.S. 
oil company participation in International Energy Agency (IEA) 
emergency preparedness activities to current U.S. and IEA emergency 
response policy for oil supply disruptions. As amended by Public Law 
105-177, the antitrust defense in section 252 now extends to 
participating oil companies when they assist the IEA in planning for 
and implementing coordinated drawdown of government-owned or 
government-controlled petroleum stocks, a policy the U.S. 
successfully urged upon its IEA partners. The enclosed amendments 
were developed through consultations among staffs of the Department 
of Energy, the Department of Justice, the Department of State, the 
Federal Trade Commission, and representatives of the Secretariat of 
the IEA and counsel to a number of the U.S. oil companies 
participating in the Voluntary Agreement.
    Subject to the approval of the Assistant Attorney General of the 
Antitrust Division, we will provide notice to the Voluntary 
Agreement participants of an intention to adopt the proposed 
amendment to the Voluntary Agreement, as required by section 11(b) 
of the Voluntary Agreement. Thereafter, in accordance with section 
252(d) of the EPCA and section 11(b) of the Voluntary Agreement, the 
Voluntary Agreement would be formally amended.
    The Chairman of the IEA's Industry Advisory Board (IAB) has 
advised the Department that at the request of the IEA he has 
scheduled an IAB meeting for September 11, 1998, to consider, among 
other subjects, issues related to the design of the IEA's fall test 
of its procedures for coordinated drawdown of strategic petroleum 
stocks. To accommodate the IAB and the IEA, we must adopt the 
proposed amendments by the first week of September.
    It would be appreciated if you would address any comments you 
may wish to make with respect to the proposed amendments to the 
Voluntary Agreement both to the Assistant Attorney General of the 
Antitrust Division and to me.

cc: The Honorable Joel I. Klein, Assistant Attorney General, 
Antitrust Division
The Honorable Robert Pitofsky, Chairman, Federal Trade Commission.

    (3) Letter of the General Counsel of the Department of Energy to 
the Chairman of the Federal Trade Commission, dated July 7, 1998:

    In accordance with section 252(d) of the Energy Policy and 
Conservation Act (EPCA) and section 9(a) of the ``Voluntary 
Agreement and Plan of Action to Implement the International Energy 
Program,'' I herewith submit for your comments proposed amendments 
to the Voluntary Agreement. Simultaneously, I am forwarding this 
document to the Assistant Attorney General of the Antitrust Division 
for his approval; a copy of my letter to him is enclosed.
    The proposed amendments to the Voluntary Agreement implement 
changes recently enacted by Public Law 105-177 to section 252 of the 
EPCA. The Administration sought the changes to section 252 to 
conform the legal authority for U.S. oil company participation in 
International Energy Agency (IEA) emergency preparedness activities 
to current U.S. and IEA emergency response policy for oil supply 
disruptions. As amended by Public Law 105-177, the antitrust defense 
in section 252 now extends to participating oil companies when they 
assist the IEA in planning for and implementing coordinated drawdown 
of government-owned or government-controlled petroleum stocks, a 
policy the U.S. successfully urged upon its IEA partners. The 
enclosed amendments were developed through consultations among the 
staffs of the Department of Energy, the Department of Justice, the 
Department of State, the Federal Trade Commission, and 
representatives of the Secretariat of the IEA and counsel to a 
number of U.S. oil companies participating in the Voluntary 
Agreement.
    Subject to the approval of the Assistant Attorney General of the 
Antitrust Division, we will provide notice to the Voluntary 
Agreement participants of an intention to adopt the proposed 
amendments to the Voluntary Agreement, as required by section 11(b) 
of the Voluntary Agreement. Thereafter, in accordance with section 
252(d) of the EPCA and section 11(b) of the Voluntary Agreement, the 
Voluntary Agreement would be formally amended.
    The Chairman of the IEA's Industry Advisory Board (IAB) has 
advised the Department that at the request of the IEA he has 
scheduled an IAB meeting for September 11, 1998, to consider, among 
other subjects, issues related to the design of the IEA's fall test 
of its procedures for coordinated drawdown of strategic petroleum 
stocks. To accommodate the IAB and the IEA, the Department of 
Justice must adopt the proposed amendments by the first week of 
September.
    It would be appreciated if you would address any comments you 
may wish to make with respect to the proposed amendments to the 
Voluntary Agreement both to the Assistant Attorney General of the 
Antitrust Division and to me.

cc: The Honorable Joel I. Klein, Assistant Attorney General of the 
Antitrust Division
Ambassador Alan Larson, Assistant Secretary of State for Economic 
and Business Affairs

    (4) Letter of the Acting Assistant Attorney General of the 
Antitrust Division to the General Counsel of the Department of Energy, 
dated July 27, 1998:

    This letter is in response to your letter of July 7, 1998 by 
which you seek approval from the Department of Justice 
(``Department'') of proposed amendments to the ``Voluntary Agreement 
and Plan of Action to Implement the International Energy Program'' 
(``Voluntary Agreement''). The proposed amendments implement changes 
recently enacted to Section 252 of the Energy Policy and 
Conservation Act (``EPCA'') to extend the antitrust defense to cover 
advice given by U.S. oil companies to the International Energy 
Agency (``IEA'') on the coordinated drawdown of government-owned or 
government-controlled oil stocks.

[[Page 41558]]

    Section 252(d) of EPCA and section 9(a) of the Voluntary 
Agreement require the Department's approval before the proposed 
amendments can be adopted. Those sections preclude the Department 
from approving the amendments until it receives the advice of the 
Federal Trade Commission. On July 21, 1998, the Federal Trade 
Commission informed the Department that it had no objection to the 
Department's approval of the proposed amendments.
    As you note in your letter, the Department participated in the 
development of the proposed amendments. Our role has been to ensure 
that the Voluntary Agreement cannot be used by participating oil 
companies to collude on prices. The Voluntary Agreement and the 
proposed amendments provide the necessary assurances to permit the 
Voluntary Agreement participants to proceed with planned meetings 
and begin assisting the IEA in the development of a coordinated 
drawdown plan. The Department hereby approves the proposed 
amendments. Division staff will participate with the FTC in the 
development of additional amendments, as needed.
    The Department will not adopt the proposed amendments until 
twenty days after you publish a notice of our intention to adopt 
them. This procedure is in accordance with Section 11(b) of the 
Voluntary Agreement.

    (5) Letter of the Chairman, Federal Trade Commission, to the 
Assistant Attorney General of the Antitrust Division, dated July 21, 
1998:

    The Department of Energy recently requested that you approve the 
attached amendments to the Voluntary Agreement and Plan of Action to 
Implement the International Energy Program (``Voluntary 
Agreement''). The Voluntary Agreement requires that the Commission 
consult with you before your approval.
    The proposed amendments to the Voluntary Agreement implement 
changes recently enacted by Public Law 105-177 to Section 252 of the 
Energy Policy and Conservation Act. The Administration sought the 
changes to Section 252 to enable U.S. oil companies to advise the 
International Energy Agency (``IEA'') on the coordinated drawdown of 
government-owned or government-controlled oil stocks.
    The Commission has no objection to your approving the proposed 
amendments. We note, however, that the proposed amendments do not 
contain details of how U.S. oil companies will interact with each 
other and with the IEA in fulfilling the goal of the recently 
amended legislation. Our staff has informed us that these details 
will be developed during industry meetings this fall and will be 
incorporated in future amendments to the Voluntary Agreement.
    By direction of the Commission.

    (6) Letter of the Acting Assistant Secretary of State for Economic 
and Business Affairs to the General Counsel of the Department of 
Energy, dated July 24, 1998:

    I am responding to your July 7 letter requesting comments on 
proposed amendments to the ``Voluntary Agreement and Plan of Action 
to Implement the International Energy Program.''
    The Department of State supports the proposed amendments to the 
Voluntary Agreement. We believe the amendments to implement the 
recently enacted changes to the Energy Policy and Conservation Act 
should facilitate U.S. oil company participation in the 
International Energy Agency's oil crisis emergency response 
activities. Thank you for the opportunity to review the proposed 
amendments.

cc: The Honorable Joel I. Klein, Assistant Attorney General of the 
Antitrust Division.
The Honorable Robert Pitofsky, Chairman, Federal Trade Commission

[FR Doc. 98-20727 Filed 8-3-98; 8:45 am]
BILLING CODE 6450-01-P