Washington, D.C.—Following the U.S. House of Representatives’ decision to remove the federal electric vehicle (EV) tax credit as part of its tax reform legislation, Securing America’s Future Energy (SAFE) President and CEO Robbie Diamond issued the following statement:
“It is disappointing the House has taken this approach in its tax reform efforts. As the current geopolitical instability in the Middle East, Russia and Venezuela shows, our dependence on oil poses a strategic vulnerability and undermines U.S. economic and national security. The EV tax credit is one of our strongest policy tools to combat America’s exposure to this volatility, despite its minimal short-term cost.”
Currently the world’s largest oil consumer, the U.S. also relies on oil to power 92 percent of our transportation network, leaving the American economy uniquely vulnerable to oil price spikes and volatility. To mitigate this exposure, SAFE advocates for reduced dependence through increased domestic production, 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. “We are heartened the Senate is taking a better approach on this issue and urge House leadership to follow suit.”
The cost to fuel an EV is approximately half that of its conventional gasoline counterpart—generating meaningful savings for American households and businesses. EVs 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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