Frankel, Jeffrey A. "National Security Warrants Slowing Domestic Oil Depletion, Not Accelerating It." HKS Faculty Research Working Paper Series, August 2013 (first draft).

Abstract

American politicians often take it for granted that national security would be enhanced by accelerating domestic oil production, through policies such as subsidies, tax advantages, opening up federal lands for drilling at artificially low charges, and relaxing environmental regulation. This note argues that such policies actually hurt national security in the long term, by depleting domestic reserves. It proposes saving some of the deposits located offshore and under shale beds for a future emergency, by withholding federal permits for now, by reversing current artificial subsidies to production, and by a tax to encourage conservation.