Oil Imports

August 25, 1978

Report Outline
Focus from Home and Abroad
U.S. Oil Policy Development
Factors in Future Policy
Special Focus

Focus from Home and Abroad

Foreign Pressure on U.S. to Cut Imports

At the economic summit meeting in Bonn in July, President Carter pledged to raise oil prices in the United States to world levels and to reduce U.S. oil imports. Carter's pledge was strongly praised by the other summit participants — Chancellor Helmut Schmidt of West Germany, President Valéry Giscard d'Estaing of France and Prime Ministers Takeo Fukuda of Japan, James Callaghan of Britain, Pierre Elliott Trudeau of Canada and Giulio Andreotti of Italy. In return, the six foreign leaders agreed to try to stimulate their economies in order to improve markets for U.S. exports.

For months preceding the summit meeting, the foreign leaders had denounced the Carter administration's failure to curb the U.S. addiction to imported oil. America's continued dependence on foreign oil has been blamed for the nation's sagging balance of trade, the slide of the U.S. dollar in world money markets, rising worldwide inflation and a host of other economic ills.

Whether President Carter can deliver on his pledge is a matter of speculation at home — and of intense interest to America's trading partners abroad. Given the problems the president has had in trying to move his national energy plan through Congress, some observers have concluded that he may have overstated what the United States can actually accomplish. In 1977 imports averaged 8.7 million barrels a day, providing almost half of the oil the country consumed. Oil imports decreased 13 percent in the first seven months of 1978, but many energy analysts regard that as a temporary situation and foresee a resumption next year of the long-term rise in imports.

ISSUE TRACKER for Related Reports
Oil and Gasoline Prices
Jun. 22, 2012  U.S. Oil Dependence
Nov. 01, 2011  Future of the Gulf States
Jan. 04, 2008  Oil Jitters Updated
Jul. 2007  Energy Nationalism
Sep. 30, 2005  Domestic Energy Development
Jan. 24, 2003  Oil Diplomacy
Aug. 07, 1998  Oil Production in the 21st Century
Aug. 23, 1991  Oil Imports
Oct. 30, 1987  Persian Gulf Oil
Apr. 04, 1986  Oil Prices
Dec. 23, 1983  Quest for Energy Independence
Sep. 23, 1983  OPEC: 10 Years After the Arab Oil Boycott
May 29, 1981  Western Oil Boom
Aug. 25, 1978  Oil Imports
Feb. 10, 1978  Oil Antitrust Action
Dec. 17, 1976  Alaskan Development
May 17, 1974  Arab Oil Money
Mar. 15, 1974  Oil Taxation
Jul. 18, 1973  Offshore Oil Search
Mar. 28, 1973  Persian Gulf Oil
Nov. 01, 1972  Gasoline Prices
Oct. 14, 1970  Fuel Shortages
Nov. 12, 1969  Alaskan Oil Boom
Dec. 11, 1968  Oil Shale Development
Oct. 26, 1960  World Oil Glut
Sep. 10, 1958  Middle East Oil
Oct. 30, 1951  Oil Nationalization
Aug. 11, 1950  Oil Imports
Apr. 23, 1947  Oil of the Middle East
Jan. 22, 1946  Offshore Oil
Mar. 09, 1944  Oil Supply
Dec. 24, 1935  Oil in World Politics
May 07, 1931  Control of Production in the Oil Industry
Mar. 27, 1929  The Oil Leasing Policy of the New Administration
Jun. 08, 1927  Oil Conservation and Stabilization
Feb. 08, 1926  The Mexican Land and Petroleum Laws
Apr. 18, 1925  The Price of Gasoline
Feb. 11, 1924  Background of the Oil Lease Cases
Sep. 01, 1923  Gasoline
International Energy Trade and Cooperation
Oil and Natural Gas