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This is a conceptual paper on issues surrounding implementation of an "import premium" for imported petroleum. An import premium is the difference between the private marginal cost of petroleum imports and the social marginal cost. It can be implemented as a tariff on oil, a quota on imports, or as subsidies to alternative fuel sources produced domestically. This paper identifies some of the issues which need to be solved in in order to find the appropriate level of the import premium.

This report is part of the RAND Corporation paper series. The paper was a product of the RAND Corporation from 1948 to 2003 that captured speeches, memorials, and derivative research, usually prepared on authors' own time and meant to be the scholarly or scientific contribution of individual authors to their professional fields. Papers were less formal than reports and did not require rigorous peer review.

The RAND Corporation is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.