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Fuel Efficiency Incentives for Cars: Oil Import Vulnerability Reduction

Paul P. Craig

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-9
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Abstract:
U.S. oil imports have dropped from a peak of 8.9 mbd (million barrels per day) in 1977 (6.2 mbd from OPEC countries) to 5 mbd in 1982. Simultaneously, U. S. demand for oil has dropped from 18.4 mbd to 16 mbd, and our dependency on imports has dropped from 43 percent to 37 percent. Unfortunately, the costs of energy imports continued to climb, from $8 billion in 1973 to $44 billion in 1977 to $81 billion in 1981 (Department of Energy [DOE], 1982).





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