Washington, D.C.—In response to a letter sent by members of the U.S. Senate asking Saudi Arabia to slow oil production as the kingdom engages in a price war with Russia, Securing America’s Future Energy (SAFE) President and CEO Robbie Diamond made the following statement:
“While the United States is the world’s largest oil producer, continued reliance on a commodity whose price can be tanked worldwide by two squabbling countries with middling economies is definitely not energy dominance, let alone energy independence.”
Despite recently becoming a net exporter of oil and petroleum products, the United States remains a major importer of crude: In December, U.S. crude imports totaled 6.8 million barrels per day (Mbd), with exports amounting to 3.7Mbd. In addition, the United States is still overwhelmingly reliant on oil to power its economy. The country is the world’s largest oil consumer, accounting for one-fifth of daily global supply, 70 percent of which is used to power a transportation system that is 92 percent dependent on oil.
“True energy dominance is just as much a function of consumption as it is production. While we should continue to produce oil, we must also create greater fuel choice for consumers—electric vehicles, natural gas or hydrogen—to finally diversify so that the actions in foreign capitals do not harm U.S. consumers or businesses,” Diamond added.
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.