A parametric computational study of energy deposition upstream of generic two-dimensional and axisymmetric blunt bodies at Mach numbers of 6.5 and 10 is performed utilizing a full Navier-Stokes computational fluid dynamics code. The energy deposition modifies the upstream shock structure and results in large wave drag reduction and very high power effectiveness. Specifically, drag is reduced to values as low as 30% of baseline drag (no energy deposited into flow) and power effectiveness ratios (ratio of thrust power saved to power deposited into the flow) of up to 33 are obtained. The fluid dynamic and thermodynamic bases of the observed drag reduction are examined.