Oil security system: an import strategy for achieving oil security and reducing oil prices

Book · Wed Jan 01 04:00:00 EST 1975

OSTI ID:7357647

Newlon, D H; Breckner, N V

In a study by the authors entitled ''The Oil Security System: An Oil Import Policy for the United States,'' an Oil Security System (OSS) was proposed, which would provide for more oil security and more imports at a cheaper price. This book expands on that study and presents several extensions of the OSS. Under the OSS, imports from insecure sources are allowed upon payment of a fee or if backed by commitments (''guarantees'') of emergency oil supplies issued by suppliers of secure oil. These guarantees are obligations to sell oil on the market in an emergency from inventories, existing wells, capped wells, new wells, diversions of U.S. exports of oil and refined products, or other sources. The owner of a guarantee is qualified to receive a fee-exempt import allowance. Oil importers could opt to either pay the fee or acquire a fee-exempt import allowance. Under this system the Government would have information on guarantees, and therefore could maintain a plan indicating oil sources in an emergency. The operation of the OSS is simulated, and the benefits of this policy over an import quota or tariff are approximated. (49 references) (BYB)

• Research Organization: National Science Foundation; Federal Energy Administration, Office of Price Regulation Development
• OSTI ID: 7357647
• Country of Publication: United States
• Language: English

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