As a result of the energy crisis of 1974, the USA enacted minimum fuel economy standards for all automobiles sold within the USA. The goal of this regulation was to help reduce the USA＇s reliance upon foreign oil. Twenty years later, this paper evaluates the effectiveness of this policy. It is found that overall automotive fuel efficiency has increased and the amount of imported oil used by each vehicle has decreased. However, overall oil importation has increased. This is found to be due, in part, to an increase in the number of automobiles on the road and a decrease in the real price of gasoline. Because fuel efficiency standards only directly affect the impact of individual vehicles on oil importation, not the demand for automobiles, the policy is determined to have been successful in achieving its original objectives. To achieve an overall reduction in oil imports, policy efforts aimed at reducing the number of cars and demand for gasoline are recommended.