The non-partisan Peterson Institute for International Economics is releasing a report today that measures the economic, security and environmental impacts of the recently introduced American Power Act. The highlights from the study find that the bill would:
- UPDATE & CORRECTION: I originally stated the Institute found the bill would create 203,000 jobs per year, which was a misreading of the findings. Per my colleague Laurie Johnson's write-up, the Institute's model projects on average 203,000 more jobs between 2011 and 2020 as a result of the bill.
- Reduce US oil imports by 33 to 40 percent below current levels by 2030.
- Reduce US spending on imported oil by $51 billion to $93 billion per year and by lowering global oil prices, reduce oil producer revenues by $263 billion to $436 billion annually by 2030.
- Iran, a known sponsor of terrorism, would lose $18 - $31 billion per year as a result of the bill's reduction of US oil consumption.
- Depending on the final details, the bill would likely add less than fifty cents per day to household energy costs.
- Economy-wide emissions (including offsets) are 17 percent below 2005 levels by 2020 and 31 percent by 2030.
The new analysis is further evidence that we can revitalize our economy and enhance our security by moving to a clean energy future. Considering the broad support for climate legislation and the urgent need to act, we should ask our leaders to lead.
If not now, when?