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Crude Oil Imports and National Security

26 Pages Posted: 9 Feb 2010  

Robert M. Ames

Yale Graduates Energy Study Group

Anthony Corridore

Lafarge Corp.; Yale Graduates Energy Study Group

Edward Hirs

University of Houston - Department of Economics; Yale Graduates Energy Study Group; Hillhouse Resources, LLC

Paul W. MacAvoy

Yale School of Management (Deceased); Yale University, Yale Graduates Energy Study Group (Deceased)

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Date Written: February 8, 2010

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.

Keywords: crude oil, import policy, OPEC, oil supply shock, price spike, embargo, imported crude, oligopoly

JEL Classification: Q4, Q40, Q41, Q42, Q43, Q48

Suggested Citation

Ames, Robert M. and Corridore, Anthony and Hirs, Edward and MacAvoy, Paul W., Crude Oil Imports and National Security (February 8, 2010). Available at SSRN: https://ssrn.com/abstract=1544606 or http://dx.doi.org/10.2139/ssrn.1544606

Robert M. Ames

Yale Graduates Energy Study Group

New Haven, CT 06520
United States

Anthony Corridore

Lafarge Corp. ( email )

United States

Yale Graduates Energy Study Group

New Haven, CT 06520
United States

Edward Hirs (Contact Author)

University of Houston - Department of Economics ( email )

Houston, TX 77204-5882
United States
713-961-9661 (Phone)

Yale Graduates Energy Study Group

New Haven, CT 06520
United States

Hillhouse Resources, LLC

4265 San Felipe Ste 1100
Houston, TX 77027
United States

Paul W. MacAvoy

Yale School of Management (Deceased)

Yale University, Yale Graduates Energy Study Group (Deceased)

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