Mandatory Oil Import Quota Program
Encyclopedia
The Mandatory Oil Import Quota Program was a program of import restrictions on oil
into the United States
, beginning in 1959. Created under Presidential Proclamation
3279, 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.
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
into the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, beginning in 1959. Created under Presidential Proclamation
Presidential Proclamation
A Presidential Proclamation is a statement issued by a President on a matter of public policy. They are generally defined as, "The act of causing some state matters to be published or made generally known...
3279, the scheme was intended to prevent a dependence of the United States on imported petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
supplies. From 1962, the maximum level of imports was set at 12.2% of domestic production.