The author uses microeconomic market analysis to study the U.S. oil import policy which was developed during the nineteen fifties and the early sixties to resolve the conflict between domestic producers and those petroleum companies which had extensive foreign crude oil reserves.

May 25 and 26 hearings were held in Dallas, Tex.; July 14 hearing was held in NYC; and Aug. 17 hearing was held in Wichita, Kans.; Nov. 15 and 16 hearings were held in NYC; Continuation of hearings on impact of oil imports on domestic oil and coal production. Includes criticism of U.S. policy of fostering imports by U.S. and Europe of foreign oil. Apr. 24 hearing was held in Jackson, Miss.; Apr. 25 hearing was held in New Orleans, La.; Apr. 26, hearing was held in Lake Charles, and Shreveport, La.; Apr. 27 hearing was held in Little Rock, Ark.; Apr. 28 hearing was held in Oklahoma City, Okla.; and May 2 hearing was held in Santa Fe, N. Mex.

First Published in 2011. This book presents the results of the third phase of our analysis of U.S. oil imports in relation to U.S. energy policy. It presents a definitive history and analysis of the United States' experiment with formal oil import controls and addresses three questions: The first is how the U.S. energy situation, especially energy security, was affected by what was going on in the rest of the world. The second is the more narrow issue of what energy security options appeared available to the United States from the perspective of the special conditions which existed during 1974-75. The third question, the main subject of this book, and the one with which we initially began, was what lessons might be learned from earlier efforts to limit imports, especially through the Mandatory Oil Import Program.