Soviet Energy: U.S. Attempts to Aid Oil Production Are Hindered by Many Obstacles
NSIAD-91-214
Published: May 24, 1991. Publicly Released: Jun 19, 1991.
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Highlights
Pursuant to a congressional request, GAO provided information on the: (1) decline in Soviet oil production and the reasons for that decline; and (2) principal obstacles to U.S. trade and investment in Soviet oil exploration and production.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| In light of the changes in the Soviet Union since 1974, when the Stevenson and Byrd amendments were adopted, Congress may wish to reconsider the continued need for those amendments. A decision to remove the legislative restrictions would not necessarily mean immediate U.S. loans and guarantees to the Soviet energy sector. The U.S. Export-Import Bank would still be expected to apply its standard procedures for assessing the risk of nonrepayment of loans, including country risk analysis, in determining whether loans and guarantees should be extended to the Soviet Union. |
Closed – Implemented
|
Congress passed H.J. Resolution 456 on April 1, 1992, and the President signed it the same day (P.L. 102-266), which repealed the Stevenson and Byrd Amendments. |
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Topics
ExportingFederal taxesForeign trade agreementsForeign trade policiesInternational relationsInvestments abroadJoint venturesOil drillingOil resourcesRestrictive trade practices