268. Minutes of a Cabinet Meeting, White House, Washington, July 24, 1957, 10–11:35 a.m.1
[Here follow a list of participants at the meeting and discussion of unrelated subjects. The President presided at the meeting.]
Oil Imports—Sec. Weeks gave a preview of the forthcoming report of the Cabinet Committee. He noted the Committee’s tentative conclusion that the anticipated level of imports for the balance of 1957 would threaten national security. He believed the Committee would recommend a voluntary plan for limiting imports which would still provide opportunity for new companies to enter the field. While the Cabinet Committee was not about to recommend specific controls, he felt that should the voluntary system fail the Cabinet Committee would have to undertake to develop mandatory controls.
The President asked if the Committee had decided that a tariff would be useless as a means of controlling imports. Sec. Dulles asserted that a tariff would be the worst possible measure from a security standpoint since it would keep out Canadian and Venezuelan oil but let in Arabian oil—a development that would make the United States dependent on Mid-East oil. Sec. Weeks set forth various possible measures of control, and Sec. Dulles noted the different objections to them from a foreign relations point of view.2
[Here follows discussion of unrelated subjects.]
- Source: Eisenhower Library, Whitman File, Cabinet Meetings. Confidential. Drafted by Minnich.↩
- The Record of Action of this Cabinet Meeting reads as follows: “The President and the Cabinet noted without objection Secretary Weeks’ description of the tentative conclusions of the Cabinet Committee and noted further his statement that the Committee would soon complete its final report for the President’s decision.” (Ibid.)↩