Full Title: Crude Oil Imports and National Security
Author(s): Robert Ames, Anthony Corridore, Edward Hirs, and Paul MacAvoy
Publisher(s): United States Association for Energy Economics (USAEE) & International Association for Energy Economics (IAEE) Research Paper Series
Publication Date: October 1, 2011
Full Text: Download Resource
Description (excerpt):
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The authors demonstrate that the United States profits handsomely in all circumstances by imposing an embargo on imports of foreign crude oil. The US removes its exposure to foreign oil supply shocks and recovers deadweight lost producers surplus. The embargo plan will lead to greater domestic production of crude oil and alternative fuels without the tax and subsidy schemes heretofore employed.