The Mandatory Oil Import Quota Program was a program of import restrictions on oil into the United States. Created in 1959 by Presidential Proclamation 3279 by President Dwight Eisenhower, the scheme was intended to prevent a dependence of the United States on imported petroleum supplies. From 1962, the maximum level of imports was set at 12.2% of domestic production.[1]
The program was established after an investigation by the director of the Office of Civil and Defense Mobilization established that oil imports threatened to impair US national security.[2]
The import quota was lifted in 1973 by President Richard Nixon.[3]
References edit
- ^ Charles J. Cicchetti, Willian J. Gillen (July 1973). "The Mandatory Oil Import Quote Program: A Consideration of Economic Efficiency and Equity". Natural Resources Journal.
- ^ "Proclamation 3279: Adjusting imports of petroleum and petroleum products into the United States". The Code of Federal Regulations of the United States of America. January 1, 1966.
crude oil and the principal crude oil derivatives and products are being imported in such quantities and under such circumstances as to threaten to impair the national security
- ^ Yergin, Daniel (1992). "1959 U.S. Quota on Foreign Oil Imports". County of Santa Barbara. County of Santa Barbara. Retrieved 17 Feb 2015.