Washington, D.C. – In response to the successful passage of the $1.1 trillion omnibus spending bill that includes a provision to lift the ban on U.S. crude exports, SAFE President and CEO Robbie Diamond issued the following statement:
“I am pleased to see Congress acting to remove this outdated policy that is no longer relevant in today’s global oil market. America was built on the concepts of economic competitiveness and free trade, and it is important that our policies reflect those values on the international stage. Lifting the ban is likely to give a boost to domestic oil production, while meaningfully impacting U.S. job creation and strengthening our overall economy. Furthermore, analysis by the U.S. Energy Information Administration shows that lifting the ban will not negatively affect the price American consumers and businesses pay at the pump, as gasoline prices more closely follow the global Brent crude benchmark.”
“At its core, the debate over crude exports was more a battle over who takes home the money from OPEC oil rents—producers or refiners—than a fight for true energy security. A relic of the 1970s has now been corrected, which is a net positive, but just as those policies of 40 years ago are outdated, so are a host of other challenges to our energy security that have not kept up with the pace of innovation. At the end of the day, the United States still relies on oil—bought and sold on an unfree, cartel-controlled market—to power 92 percent of its transportation sector.”
“Developing our resources here at home is a critical component of the energy security equation. However, we must also reduce our dependence on oil in transportation, taking advantage of quantum leaps in advanced fuel and self-driving vehicle technology, to better protect our country from the volatility inherent to the global oil market. This volatility poses a threat to our economy and limits our foreign policy options, and we must ensure that a comprehensive, long-term energy policy is part of the discussion in Congress, one that leverages domestic oil production and innovations in alternative fuel technologies to give consumers more choice while bolstering our national security.”
About Securing America’s Future Energy (SAFE)
Securing America’s Future Energy (SAFE) is a nonpartisan organization that aims to reduce America’s dependence on oil and improve U.S. energy security to bolster national security and strengthen the economy. SAFE advocates for expanded domestic production of U.S. oil and gas resources, continued improvements in fuel efficiency, and in the long-term, breaking oil’s stranglehold on the transportation sector through alternatives like natural gas for heavy-duty trucks and plug-in electric 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 U.S. oil dependence.
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