United Indo Vene- Other, Total 2 Total Nether-Trinidad Puerto Virgin Other Total Year Algeria Libya Arabia Emirates nesia Iran Nigeria zuela OPEC OPEC OPEC Bahamas Canada Mexico Antilles Tobago Kingdom Rico Islands OPEC OPEC Imports Notes: Excludes petroleum imported into the United States directly from OPEC countries, primarily from Caribbean and West European areas, as refined petroleum products that were refined from crude oil produced in OPEC countries. 2 Includes Ecuador, Gabon, Iraq, Kuwait, and Qatar Includes Algeria, Libya, Saudi Arabia, United Arab Emirates, Iraqu, Kuwait, and Qatar "Includes petroleum imported into the United States indirectly from OPEC countries, primarily from Caribbean and West European areas, as refined petroleum products that were refined from crude oil produced in OPEC countries. *Generaphic coverage is the 30 States and the District of Columbia Totals may not equal sum of components due to independent rounding *Reginning in October 1977, Strategic Petroleum Reserve imports are included. Neurons Phergy Information Administration Dot, Monthly Energy Review, September 1989, pp. 46 47. NOTES 'Bryan Burrow and Matt Moffett, "Petroleum Pinch: Many Small Oil Firms Are Squeezed to Limit By Falling Circle's Price," The Wall Street Journal, August 9, 1985, p. 1. 2 some observers argue the inevitable end to the OPEC cartel. See, for example, "OPEC Obituary," The Public Interest, Winter 1982, 3, pp. 1-24. 3 The supporters of a fee on imported oil include, for example, S. Fred Singer, "If Oil Price Dives, Leap In With Fee," Wall Street Journal, January 18, 1985, p. 22, William Safire, "Hit OPEC While It's Down," The Dallas Morning News January 7, 1985, p. 3, and George Horwich and David Leo Weimer, "The Next Oil Shock Giving the Market a Chance," Regulation March/April 1984, pp. 16-24. The opposing view may be, for example, represented by Charles W. Kadlec and Arthur B. Laffer, "Oil Levies Were A Bad Idea, Anyway," The Wall Street Journal, July 30, 1985, p.28. *For international trade theory, see, for example, Peter H. Lindert and Charles P. Kindleberger, International Economics (Homewood, IL; Richard D. Irwin, Inc., 1982). 5A discussion of the Laffer curve can be found in Thomas J. Hailstones, A Guide To Supply-Side Economics (Richmond, VA, 1982), pp. 115-120. 6The terms-of-trade or optimum tariff, argument can be found in any standard textbook on international trade. For example, see Peter H. Lindert and Charles P. Kindleberger, International Economics (Homewood, IL, Richard D. Irwin, Inc., 1982), Ch. 7. "This was pointed out by Douglas R. Bohi and W. David Montgomery, Oil Prices, Energy Security and Import Policy (Washington, D.C.: Resources for the Future, Inc., 1982), p. 8. 8The strict definition of predatory pricing, setting price below costs to drive a rival producer, may not apply because of a substantial price advantage of some OPEC members. Nonetheless, a substantial reduction in the price through market manipulation by OPEC may produce a similar result. For the historical review of OPEC, see Albert L. Danielson, The Evolution of OPEC (New York: Harcourt Brace Jovanovich, Publishers, 1982). 10A similar proposal was made by S. Fred Singer, "If Oil Price Dives, Leap In With Fee," The Wall Street Journal, January 18, 1985. 11 James M. Henderson and Richard E. Quandt, Microeconomic Theory (New York: McGraw-Hill Book Co., 1980), Ch. 4. 12A more detailed analysis was made by Douglas R. Bohi and W. David Montgomery, Oil Prices, Energy Security and Import Policy (Washington, D.C.: Resources for the Future, Inc., 1982), Ch. 2. 14The effect of a tariff is found in most standard textbooks on international trade. For example, see peter H. Lindert and Charles P. Kindleberger, International Economics (Homewood, IL: Richard D. Irwin, Inc., 1982), Ch 6 and 7. 15 The general argument here follows that of Robert J. Carbaugh International Economics (Winthrop Publishers, Inc., 1980), Ch. 5. 16 For a more detailed discussion on this issue, see Douglas R. Bohi and W. David Montgomery, Oil Prices, Energy Security, and Import Policy (Washington, D.C.: Resources for the Future, Inc.. 1982), Ch. 2. 17For the discussions of effective protection, see Herbert G. Grubel, International Economics (Homewood, IL., Richard D. Irwin, Inc., 1981), Ch. 7. The Chamber's mission is to advance human progress through an economic, incentive, initiative, opportunity and responsibility. The Chamber of Commerce of the United States is the world's largest federation of business companies and associations and is the principal spokesman for the American business community. It represents almost 180,000 businesses plus several thousand organizations, such as local/state chambers of commerce and trade/professional associations. 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