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Crude Oil Imports and National SecurityEdward HirsUniversity of Houston - Department of Economics; Yale Graduates Energy Study Group; Hillhouse Resources, LLC Robert M. AmesSolazyme, Inc.; Yale Graduates Energy Study Group Anthony CorridoreLafarge Corp.; Yale Graduates Energy Study Group Paul W. MacAvoyYale School of Management; Yale Graduates Energy Study Group October 26, 2011 USAEE Working Paper No. 11-088 Abstract: 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.
Number of Pages in PDF File: 28 working papers seriesDate posted: October 28, 2011Suggested CitationContact Information
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