WASHINGTON, DC — It has been 40 years since the OPEC oil embargo of 1973. In reflecting on that wake-up call, Tom Buis CEO of Growth Energy released the following statement:
“Four decades have passed since the oil embargo of 1973 and we are still dangerously addicted to foreign oil. In reflecting on this anniversary, we should recognize that it is futile to put all of our eggs in one basket – what we need is a diverse policy that helps shield us from the price hikes, supply shortages, shocks and the whims of foreign governments.
“This anniversary should not only be a reminder, but a wake-up call to our nation for increasing the use of renewable energy. Over the last 40 years we have experienced price shock after price shock due to unrest and instability in the Middle-East. Egypt, Libya, Saudi Arabia, Kuwait, Iraq, Iran, Syria – all unstable oil producing nations in a region where the slightest disruptions can have a drastic ripple effect on the supply and price of oil.
“Wars have been fought; trillions of dollars have been spent to protect the flow of oil, and trillions more of our wealth has been transferred to foreign nations. But most important, the precious lives of American soldiers have been lost due to our addiction to foreign oil.
“There is a better way; one that allows us to achieve energy independence, while continuing to produce energy domestically – renewable fuels. To do that we must break free from the oil companies stranglehold on the liquid fuels marketplace. We must not allow the special interests of Big Oil to continue to erect every legal, regulatory and PR hurdle to prevent consumers from having the choice and savings at the pump.
“The Renewable Fuel Standard (RFS) is our nation’s most successful energy policy, helping securing America’s energy and national security while ensuring long-term, widespread economic growth and it’s working. Since its implementation, renewable fuels have helped lower oil imports from 60 percent to 40 percent. Ethanol already makes up 10 percent of the nation’s liquid gas supply and the potential to reduce our nation’s import reliance is even greater if we continue to embrace and increase our production and usage of renewable fuels.
“Forty years ago we didn’t have a choice. We couldn’t break free, and we suffered. Today, we do; let’s not let that choice go to waste.”
# # #
About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now. For more information, please visit us at www.GrowthEnergy.org, follow us on Twitter @GrowthEnergy or connect with us on Facebook.