WASHINGTON, D.C.—As the U.S. House of Representatives and Senate consider their respective tax reform proposals, Securing America’s Future Energy (SAFE) President and CEO Robbie Diamond issued the following statement:
“The current surge of geopolitical instability in the Middle East, Venezuela, and Russia 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. It’s encouraging that the Senate has chosen not to follow the House Ways & Means Committee’s decision to specifically target the electric vehicle tax credit for elimination, and we look forward to continuing our work with Congress and the administration to promote common sense policies to protect the nation from the opaque and unfree global oil market.”
Currently, the United States relies on oil to provide 92 percent of our transportation energy, leaving the nation’s entire economy vulnerable to oil price spikes and volatility. To reduce this dependence, SAFE advocates for increased domestic production as well as improved fuel efficiency and greater fuel choice.
“To counter oil’s monopoly over our transportation system, we need the Section 30D tax credit to support electric vehicles. Unlike oil, electricity is low in cost and stable in price, and enables motorists to drive on a diverse set of domestic fuels including natural gas, nuclear, coal, and renewables,” Diamond continued.
The cost to fuel an electric vehicle is approximately half that of an internal combustion counterpart—generating meaningful savings for American households and businesses. Electric vehicles also benefit the broader U.S. economy and federal budget: 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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