Washington, D.C.—In response to the announcement of the Minerals Security Act, Robbie Diamond, the President and CEO of Securing America’s Future Energy (SAFE) made the following statement:
“This bill rightly identifies U.S. mineral production as a national priority, and we are pleased to see it become a Congressional priority. We are in a race with China and others to secure minerals and the supply chain as transportation worldwide moves toward an electrified and digitized future.”
To be introduced by Sen. Lisa Murkowski, the Republican chair of the Senate’s Energy and Natural Resources Committee, alongside ranking member Sen. Joe Manchin, the bill would update the list of critical minerals every three years, prioritize workforce development, and provide greater predictability for the permitting process.
“U.S. mineral security is already a critical issue that is vital for American economic and national security, and will only become more important as we move into a global and mobile economy with technology at its core. If we are to maintain pace with China and not cede the commanding heights of the global economy, we must develop our domestic mineral resource base to the highest standards and other components of the battery supply chain all the way to the consumer. We do not want a repeat of the 1970s and subsequent years from the Oil Embargo until now when foreign countries have controlled critical aspects of our global mobile society and economy,” Diamond added.
As the United States is the world’s largest oil consumer, accounting for one-fifth of daily global supply, oil’s price volatility represents a significant economic and national security threat. The U.S. transportation system is also currently 92 percent dependent on oil, with no alternatives currently available at scale.
Electric vehicles represents a major demand-side opportunity to reduce U.S. oil consumption, switching from a volatile commodity to a fuel that is domestic and diverse in source, and low and stable in price: As gasoline prices have swung wildly from around $4 per gallon in May 2011 to around $2.90 today, electricity has hovered around a price equivalent to $1 per gallon.
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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