This report briefly reviews the recent debate on external costs; it updates an earlier 1992 CRS report. The earlier report examined estimates of potential external costs in economic, military, and environmental categories. It suggested a range of $10-20 billion of plausible annual external costs from oil used in transportation, the major use of petroleum. This range, however, excluded estimates of the possible "market power" effect of U.S. demand and included estimates of environmental damages not relevant to oil imports per se.
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