SAFE: Chavez Threat Underscores Energy Security Imperative

WASHINGTON, Feb. 12 /PRNewswire-USNewswire/ -- Venezuelan President Hugo Chavez's latest threat to cut off oil sales to the United States only serves to re-emphasize the importance of reducing our nation's dependence on oil from hostile and turmoil-ridden parts of the world, Securing America's Future Energy's (SAFE) said today.

"Hugo Chavez's threats once again emphasize the precarious nature of our energy security," Robbie Diamond, SAFE's Founder and President, said. "Last year, ten percent of our oil imports came from Venezuela, the sixth-largest oil exporter in the world. With global spare oil production capacity as narrow as it is, any threat by a major supplier has the potential for causing immediate and significant fluctuations in the price of oil worldwide, with tremendous economic implications for the United States.

"The case grows stronger with every passing day: we must lower our dependence on oil," Diamond added. "We took a major step forward last year when Congress passed and the President signed the first legislation in more than three decades to include major improvements in vehicle fuel-economy standards. Now we must take the next steps, including supporting the use of renewable sources of energy and expanding the domestic production of oil."

Chavez's threat came in the wake of an escalating dispute over Exxon assets in Venezuela. After Chavez ordered the seizure of two Exxon facilities in May, Exxon filed suit in several nations, winning decisions that would freeze up to $12 billion in assets controlled by Petroleos de Venezuela SA, the Venezuelan state oil company.

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.