The oil import quota system in place from 1959 to 1973 restricted imports to an amount equal to the difference between the federal government’s estimate of domestic oil demand and the estimate of domestic oil supply. But, of course, nothing in industry-protection policy can be easy, so the policy contained a number of adjustments and …
Politicized Implementation of U.s. Oil Import Quotas, 1959-1973 Read More »
When Arab oil exporters imposed their embargo on the U.S. and the Netherlands in October 1973, George Schultz noted that the United Kingdom and France faced hardly any problem accessing crude oil supplies.Schultz was Secretary of the Treasury at the time and had earlier been in charge of Nixon’s Cabinet Task Force on Oil Import …
A few weeks back George Schultz posted a few happy memories on a Hoover Institution website from his time heading Nixon’s Cabinet Task Force on Oil Import Control way back in 1969 and 1970. The task force was charged with reviewing the existing mandatory oil import quotas, first imposed under the Eisenhower administration, and recommending …
Energy Imports and Energy Security: a View from 1970 Read More »
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