Thursday, October 3, 2013

Politicized implementation of U.S. oil import quotas, 1959-1973

Knowledge Problem: 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 exclusions. Chief among exclusion was the “overland exemption” for imports from Canada and Mexico. Hilarity ensues...

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