WASHINGTON, D.C.—Following the Trump Administration’s stated intention to end incentives for electric vehicles (EVs), Securing America’s Future Energy (SAFE) President and CEO Robbie Diamond issued the following statement:
“The ongoing market manipulation by the Saudi-led OPEC cartel serves as a reminder that our oil dependence is one of the greatest threats to America’s security and prosperity, and the EV tax credit is one of the strongest policy tools in our arsenal despite its negligible cost. True energy dominance comes from domestic oil production and creating fuel choice for consumers by using alternative fuels for transportation. The Trump Administration should be looking to strengthen U.S. energy security with policies like EV tax credits so we no longer need to offer oil waivers when implementing Iranian sanctions or caring when the OPEC cartel meets in Vienna to manipulate the oil market.”
Oil dependence in the transportation sector is a unique strategic challenge. The United States is the single-largest oil consumer in the world, accounting for approximately one-fifth of daily global supply, 70 percent of which is used to power a transportation system that is more than 90 percent dependent on petroleum. Alternatives that run on diverse and domestic fuel sources, like electricity and natural gas, are just becoming available at scale. Ending the credit now would mean the United States will continue to be dependent on one fuel source, which is manipulated and traded on an unfair and unfree market.
Electric vehicles benefit the U.S. economy and federal budget, supporting domestic jobs and investment, while helping consumers and our nation’s businesses 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, which reduces the nation’s exposure to highly volatile oil markets. 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.
Diamond continued, “Retaining the federal tax credit allows the U.S. to counter oil’s monopoly over our transportation system and OPEC’s manipulation 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. SAFE looks forward to continuing our work with Congress and the administration to promote a comprehensive strategy to achieve energy dominance.”
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 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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