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FedEx CEO Smith, former EUCOM Deputy Commander Wald Testify on Energy Security

Posted on: Tuesday, 12 May 2009, 13:00 CDT

WASHINGTON, May 12 /PRNewswire-USNewswire/ -- Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation and Co-Chairman of SAFE's Energy Security Leadership Council (ESLC) and ESLC member Gen. Charles F. Wald, USAF (Ret.), former Deputy Commander of United States European Command, testified today before the Senate Committee on Foreign Relations along with former President Jimmy Carter. The following are excerpts from their testimony as prepared:

Mr. Smith

"The lynchpin of any bill that is serious about confronting oil dependence must be a transportation system that today is almost entirely dependent on petroleum. ... The lithium ion batteries that power our cell phones and laptop computers can one day form the nucleus of an electrified transportation sector that is powered by a wide variety of domestic sources: natural gas, nuclear, coal, hydroelectric, wind, solar, and geothermal."

"It is important to emphasize that the fundamental goal of reducing oil intensity is a distinct one that needs to be considered based on its own merits and the very real dangers of inaction. Put simply, pricing carbon as a standalone policy, whether through a tax or a cap-and-trade system, will not allow us to reach that goal. ... On the other hand, the comprehensive plan to reduce oil dependence that I have described today will have a positive impact on our environment."

"We cannot afford to develop sudden amnesia about what happened only a year ago. Indeed, we may not have to worry. Oil prices are up by 70 percent since February. Can we continue tempting fate?"

General Wald

"We have built a transportation system that is nearly 100 percent reliant on a fuel that we are forced to import and whose highly volatile price is subject to geopolitical events far beyond our control."

"Some may be surprised to hear a former general talk about electric cars, but they shouldn't be. In the military, you learn that force protection isn't just about protecting weak spots; it's about reducing vulnerabilities before you get into harm's way. That's why reducing America's oil dependence is so important. If we can lessen the oil intensity of our economy, making each dollar of GDP less dependent on petroleum, we would be less vulnerable if and when our enemies do manage to successfully attack elements of the global oil infrastructure. The best ways to reduce oil intensity are to bring to bear a diversity of fuels in the transportation sector, and this is best achieved by the electrification of transportation."

Securing America's Future Energy (SAFE) is an action-oriented, nonpartisan organization that aims to reduce America's dependence on oil and improve U.S. energy security to bolster national security and strengthen the economy.

SOURCE Securing America's Future Energy

Source: PR Newswire

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