Home Energy Growth Energy CEO Reflects on Wake-Up Call of 1973 Oil Embargo

Growth Energy CEO Reflects on Wake-Up Call of 1973 Oil Embargo


gas shortageOn the 40th anniversary of the oil embargo of 1973 – Growth Energy CEO Tom Buis notes the nation is still dangerously addicted to foreign oil. In reflecting on the anniversary – he says we should recognize that it’s futile to put all our eggs in one basked. Buis says we need diverse policy that helps shield us from the price hikes, supply shortages, shocks and the whims of foreign governments. Over the last 40 years – Buis says we’ve experienced price shock after price shock due to unrest and instability in the Middle East. Buis points out that 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. Most important – he says the precious lives of American soldiers have been lost due to our addiction to foreign oil. Buis says renewable fuels allow us to achieve energy independence while continuing to produce energy domestically. But he says we must break free from the stranglehold oil companies have on the liquid fuels marketplace and must not allow the special interests of Big Oil to erect hurdles to prevent consumers from having choice and savings at the pump. Buis says the Renewable Fuel Standard is our nation’s most successful energy policy. He says it’s helped secure America’s energy and national security while ensuring long-term, widespread economic growth. Also – since its implementation – Buis notes renewable fuels have helped lower oil imports from 60-percent to 40-percent. Forty years ago – Buis says we didn’t have a choice – but now we do. He says we shouldn’t let that choice go to waste.

Source: NAFB News Service