"National Security" v. Free Trade
VEERING away from his free-trade position, President Eisenhower last week clamped mandatory quotas on oil imports. His reason: "national security." The curbs were made compulsory because some importers were violating the "voluntary" quotas imposed months ago. Under the new order, total daily imports will be cut from about 2,000,000 bbl. to 1,500,000, and oil products and residual fuel oils will be restricted for the first time; products will be slashed from 300,000 bbl. to 60,000, residuals trimmed slightly. The new curbs, said the President, are intended to stimulate exploration for oil at home, ensure a sufficient supply...
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