A TARIFF POLICY FOR INDEPENDENCE FROM OIL EMBARGOES

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Abstract
The Arab oil embargo of 1973-74 focused attention on national independence in energy. The concept of independence is not well understood and is often confused with self-sufficiency, which paradoxically may lead to greater dependence. This paper proposes a rebatable tariff tied to holding excess domestic capacity as a feasible means of promoting energy independence. The proposal is shown to dominate conventional tariffs and quotas and to include emergency storage as one possible component.

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