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Frederick Smith, Founder,Chairman and CEO of FedEx in a rare news conference before the National Press Club said that the dependance on foreign oil could threaten the U.S. economy.

The salient points in his speech being -
- The American economy will remain vulnerable to shock driven by geo-political events.
- Recommended production of fossil fuels in the United States itself.
- Said alternative fuels like wind,geothermal and solar energies need to be considered.

Fred Smith is also the co-chairman of the Energy Security Leadership Council,a group of business and military leaders who support a plan that would encourage an electrical grid to power the nation's transporation system, instead of relying on foreign oil.