Last updated on April 18, 2014 at 21:21 EDT

Diplomatic Council on Energy Security Launches: Releases “Oil and the Trade Deficit”

May 17, 2012

Bipartisan coalition of former U.S. ambassadors comes together to call attention to the diplomatic and foreign policy constraints of America’s dependence on oil

WASHINGTON, May 17, 2012 /PRNewswire-USNewswire/ — A bipartisan group of former U.S. ambassadors joined forces today to officially launch the Diplomatic Council on Energy Security (DCES). A project of Securing America’s Future Energy (SAFE), the DCES aims to highlight the foreign policy constraints posed by America’s dependence on oil.

(Logo: http://photos.prnewswire.com/prnh/20100215/SAFELOGO)

“We have seen all too well over the past year how international events outside the control of the United States have driven oil prices higher and created less-than-optimal foreign policy solutions,” said Ambassador Alfred Hoffman, Jr., co-chair of the DCES. “When countries like Iran use oil as a weapon to rattle its saber in the Middle East, U.S. policymakers are forced to confront the hard truth that our reliance on the global oil market creates unwanted consequences for our national and economic security.”

To coincide with the launch of the DCES, the group today released its inaugural report, “Oil and the Trade Deficit: Rising Energy Expenditures and U.S. Energy Security.” The report examines how petroleum has contributed to driving the U.S. trade deficit to record levels, highlights how the size of the deficit creates risks and vulnerabilities for the U.S. economy, and outlines a path forward.

“For a crystal-clear example of how our nation’s dangerous dependence on petroleum hurts our economic security, look no further than oil’s impact on the U.S. trade deficit,” said Ambassador Elizabeth Frawley Bagley, co-chair of the DCES. “High and volatile oil prices have also resulted in vast wealth transfers and contributed to severe economic disruption–including every American recession over the past four decades. We have an opportunity to address this fundamental threat, but it will require a lasting and sustained commitment.”

About Securing America’s Future Energy
SAFE is a nonpartisan, not-for-profit organization that aims to reduce America’s dependence on oil and improve U.S. energy security to bolster national security and strengthen the economy. Founded in 2004, SAFE advocates for expanded domestic production of U.S. oil and gas resources, continued improvement in fuel efficiency, and in the long-term, breaking oil’s stranglehold on the transportation sector through alternatives like natural gas for heavy-duty trucks and plug-in electric vehicles.

SOURCE Securing America’s Future Energy

Source: PR Newswire