SAFE CEO: Bold Action Needed to Break America’s Reliance on Manipulated Oil Markets

Washington, D.C. (June 5, 2023) – The following statement can be attributed to SAFE Founder and CEO, Robbie Diamond in response to reports of Saudi Arabia cutting its oil supply to the global economy by 1 million barrels per day:

“Saudi Arabia’s decision to cut production by one million barrels of oil per day is the latest reminder why we need to take bold action to break America’s reliance on manipulated markets where foreign governments exert pricing power to advance their own interests on the backs of American consumers,” said SAFE president and CEO Robbie Diamond. “This played out (again) over the weekend in the oil markets, and American drivers will bear the brunt of this over-reliance in the weeks ahead.”

Diamond continued, “As we reduce our reliance on oil through the electrification of the fleet, we should use our current situation as a warning not to trade one over-reliance for another. To prevent an OPEC-like grip on the resources that power an electric vehicle future which China currently controls we should take immediate and meaningful steps now to build out an allied supply chain for the minerals and materials that we increasingly need. This should include permitting reform, trade deals that build out allied capacity predicated on our values and supply chain transparency, and domestic energy production with increased environmental standards that delivers what the U.S. needs for rebuilding our industrial capacity and the mid-transition years.”