Washington, D.C.—Securing America’s Future Energy (SAFE) President and CEO Robbie Diamond released the following statement in response to ongoing geopolitical events that are exacerbating uncertainty in the global oil market.
“Iran, its nuclear program, and the status of international sanctions on the country’s oil exports are one of the clearest indicators of the intrinsic links between our oil dependence and our foreign policy. If 92 percent of the U.S. transportation sector were not totally dependent on oil, the President would not have to consider the impact of his actions on oil prices as he makes critical foreign policy decision. Oil prices have already risen 67 percent in the last 11 months, to over $70 per barrel, due to the manipulation of the market by OPEC and Russia. Increased gasoline prices threaten to eliminate the take-home benefits of the President’s tax cut just as we enter the summer driving season, making the decision by the President more difficult. This is a perfect reminder for policymakers to address both the supply- and demand-side solutions. This includes increased domestic production, in addition to adopting new transportation technology and maintaining fuel economy standards to help reduce our reliance on oil.”
The U.S. is the world’s largest oil consuming country, requiring 20 percent of global supply to meet its daily demand. Oil price volatility impacts all sectors of the U.S. economy, and when oil price spikes occur businesses and consumers have no alternatives available at scale.
To counter this vulnerability and insulate the U.S. economy from oil price shocks, SAFE advocates for a range of policies designed to reduce the country’s dependence. These include increasing domestic production, modernizing and strengthening fuel economy standards, adoption of advanced transportation fuels including electricity and natural gas, and the expeditious deployment of autonomous vehicles.
About Securing America’s Future Energy (SAFE)
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 the advancement of alternative fuels in the transportation sector including electric vehicles and natural gas trucks. 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.
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