such as oil, or for special materials or technologies that might have national security applications. On closer

consideration, this argument for protectionism proves rather weak.

As an example, in the United States, oil provides about 36% of all the energy and 21% of the oil used in the

United States economy is imported. Several times in the last few decades, when disruptions in the Middle East

have shifted the supply curve of oil back to the left and sharply raised the price, the effects have been felt

across the United States economy. This is not, however, a very convincing argument for restricting oil imports.

If the United States needs to be protected from a possible cutoff of foreign oil, then a more reasonable strategy

would be to import 100% of the petroleum supply now, and save U.S. domestic oil resources for when or if the

foreign supply is cut off. It might also be useful to import extra oil and put it into a stockpile for use in an
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