Considers precautionary policies to counter the threat of future disruptions in the supply of U.S. oil imports. Such disruptions are highly possible, since the conditions that produced the Arab embargo of 1973-74 have not been eliminated. The authors review the recent oil embargo and U.S. responses to it, examine the history of U.S. petroleum imports, and weigh the outlook for future imports by source and relative vulnerability. On the basis of this examination, they discuss various policies that could be implemented to counter future embargoes, emphasizing a precautionary import policy to partially control the sources of U.S. imports. 99 pp.
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