Washington, D.C.—Following the passage of tax reform by the House and Senate, Securing America’s Future Energy (SAFE) President and CEO Robbie Diamond issued the following statement:
“Energy security can only be achieved by addressing oil supply and demand simultaneously, and this bill achieves just that by retaining the federal electric vehicle tax credit and allowing for responsible drilling in the Alaska National Wildlife Refuge (ANWR). These are powerful policy tools that ultimately serve our national and economic security interests—reducing our exposure to the opaque and unfree oil market, and enhancing consumer choice. We applaud the House and Senate for this work.”
Currently the world’s largest oil consumer, the U.S. relies on oil to power 92 percent of our transportation network, leaving the American economy vulnerable to oil price spikes and volatility. To mitigate this exposure, SAFE advocates for reduced dependence through increased domestic production that includes Area 1002 in the Alaska National Wildlife Refuge (ANWR), improved fuel efficiency, and greater fuel choice.
“Retaining the federal tax credit allows the U.S. to counter oil’s monopoly over our transportation system by leveraging electricity as a transportation fuel. Unlike oil, electricity is low in cost and stable in price, and is sourced from a diverse set of domestic fuels including natural gas, nuclear, coal, and renewables,” Diamond continued. “This bill, while imperfect, is a strong example of what needs to be done on a regular basis to address our oil dependence.”
Electric vehicles benefit the U.S. economy and federal budget, supporting domestic jobs and investment, while helping consumers at the pump: The cost to fuel an EV is approximately half that of its conventional gasoline counterpart, generating meaningful savings for American households and businesses. EVs also reduce our need to import fuel. The U.S. has spent $2.5 trillion on imported oil in the last 10 years, $1.6 trillion of which has flowed directly to OPEC member states, and the nation spends an estimated $67.5 billion every year to ensure the security of global oil supply lines.
About Securing America’s Future Energy
Securing America’s Future Energy (SAFE) is an action-oriented, nonpartisan organization that aims to reduce America’s dependence on oil. Near-total dependence on petroleum in the transportation sector undermines the nation’s economic and national security, and constrains U.S. foreign policy. To combat these threats, SAFE advocates for expanded domestic production of U.S. oil and gas resources, continued improvements in vehicle fuel efficiency, and transportation sector innovations including electric vehicles, natural gas trucks, and autonomous vehicles. In 2006, SAFE joined with General P.X. Kelley (Ret.), 28th Commandant of the U.S. Marine Corps, and Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation, to form the Energy Security Leadership Council (ESLC), a group of business and former military leaders committed to reducing the United States’ dependence on oil. Today, the ESLC is co-chaired by Frederick W. Smith and General James T. Conway (Ret), 34th Commandant of the U.S. Marine Corps.
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