FedEx Chairman, CEO and President Fred Smith today joined the Securing America’s Future Energy (SAFE) organization to unveil a new national strategy for energy security that includes policy recommendations designed to reduce the United States’ dependence on oil. It is paramount that the United States work quickly to find alternative sources for our transportation sector, which accounts for 70 percent of the country’s oil demand.
The recommendations put forward today include finding new ways to reduce demand on oil, boosting our domestic energy production sector and streamlining regulations that can otherwise raise costs for energy. The United States alone is on track to spend more than $900 billion on petroleum-based fuels in 2012, which represents 6.1 percent of U.S. gross domestic product and reflects an unhealthy reliance that exposes us to potential global shocks in the oil markets.
Specifically, there must be a concerted effort to focus on research and development for alternative fuel vehicles that use natural gas, electricity, or other domestic fuels that have more stable prices. Additionally, there must be more exploration for energy sources within the United States, whether it is opening additional federal lands and waters for development or working to unlock new liquid fuels of the future. Finally, making regulations more cohesive and streamlined will help ensure that we can responsibly extract energy resources and encourage the adoption of alternative fueled vehicles.
To read more about the policy recommendations, please visit the SAFE website, http://www.secureenergy.org/.