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Multilateral energy governance: EU and US perspectives on revising international energy treaties

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Abstract
On both sides of the Atlantic, recent public debates over energy security have been characterized by increased nervousness and anxiety. With all the looming talk about gas “wars”, the oil “weapon”, a “race” for resources and the “locking up” of reserves, one would almost forget that international trade of crude oil and natural gas still largely operates within clear and predictable rules, markets and institutions. Looking at this institutional architecture that governs global energy markets surely throws a whole different light on international energy relations. However, switching the geopolitical lens for an institutionalist one is only reassuring up to a point. Indeed, a close examination of the global energy architecture immediately reveals some serious weaknesses and shortcomings. The existing architecture largely took shape in response to the oil shocks of the 1970s and is utterly outdated. Structural shifts in international energy markets, such as the rise of new oil consumers outside of the West and the broadening of the concept of energy security, have put this global institutional framework under increasing strain. Therefore, a number of voices have called for a fundamental overhaul of the existing global energy architecture. This paper examines the scope for shared views and even joint action by the European Union (EU) and United States (US) in this reform debate. Special attention is given to the transatlantic energy forums that were formed in the context of the oil shocks of the 1970s – the International Energy Agency (IEA) and the G7/G8 – to see how they can be updated to the governance challenges and global political order of the twenty-first century.
Keywords
global energy governance, International Energy Agency, G8, transatlantic relations

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Chicago
Van de Graaf, Thijs. 2010. “Multilateral Energy Governance: EU and US Perspectives on Revising International Energy Treaties.” In European Union, United States and Global Governance : Major Trends and Challenges, ed. Jan Wouters and Steven Sterckx, 68–75. Leuven, Belgium: Leuven Centre for Global Governance Studies.
APA
Van de Graaf, Thijs. (2010). Multilateral energy governance: EU and US perspectives on revising international energy treaties. In Jan Wouters & S. Sterckx (Eds.), European Union, United States and global governance : major trends and challenges (pp. 68–75). Presented at the Transatlantic Strategy Forum, Leuven, Belgium: Leuven Centre for Global Governance Studies.
Vancouver
1.
Van de Graaf T. Multilateral energy governance: EU and US perspectives on revising international energy treaties. In: Wouters J, Sterckx S, editors. European Union, United States and global governance : major trends and challenges. Leuven, Belgium: Leuven Centre for Global Governance Studies; 2010. p. 68–75.
MLA
Van de Graaf, Thijs. “Multilateral Energy Governance: EU and US Perspectives on Revising International Energy Treaties.” European Union, United States and Global Governance : Major Trends and Challenges. Ed. Jan Wouters & Steven Sterckx. Leuven, Belgium: Leuven Centre for Global Governance Studies, 2010. 68–75. Print.
@inproceedings{1015154,
  abstract     = {On both sides of the Atlantic, recent public debates over energy security have been characterized by increased nervousness and anxiety. With all the looming talk about gas {\textquotedblleft}wars{\textquotedblright}, the oil {\textquotedblleft}weapon{\textquotedblright}, a {\textquotedblleft}race{\textquotedblright} for resources and the {\textquotedblleft}locking up{\textquotedblright} of reserves, one would almost forget that international trade of crude oil and natural gas still largely operates within clear and predictable rules, markets and institutions. Looking at this institutional architecture that governs global energy markets surely throws a whole different light on international energy relations. However, switching the geopolitical lens for an institutionalist one is only reassuring up to a point. Indeed, a close examination of the global energy architecture immediately reveals some serious weaknesses and shortcomings. The existing architecture largely took shape in response to the oil shocks of the 1970s and is utterly outdated. Structural shifts in international energy markets, such as the rise of new oil consumers outside of the West and the broadening of the concept of energy security, have put this global institutional framework under increasing strain. Therefore, a number of voices have called for a fundamental overhaul of the existing global energy architecture. This paper examines the scope for shared views and even joint action by the European Union (EU) and United States (US) in this reform debate. Special attention is given to the transatlantic energy forums that were formed in the context of the oil shocks of the 1970s -- the International Energy Agency (IEA) and the G7/G8 -- to see how they can be updated to the governance challenges and global political order of the twenty-first century.},
  author       = {Van de Graaf, Thijs},
  booktitle    = {European Union, United States and global governance : major trends and challenges},
  editor       = {Wouters, Jan and Sterckx, Steven},
  keyword      = {global energy governance,International Energy Agency,G8,transatlantic relations},
  language     = {eng},
  location     = {Brussels, Belgium},
  pages        = {68--75},
  publisher    = {Leuven Centre for Global Governance Studies},
  title        = {Multilateral energy governance: EU and US perspectives on revising international energy treaties},
  url          = {http://www.ghum.kuleuven.be/ggs/trans\_strategy\_forum/documents/tsf\_edited\_volume\_final.pdf},
  year         = {2010},
}