WASHINGTON, D.C.—(ENEWSPF)—May 20, 2010. Senator John Kerry (D-Mass.), co-author of the Senate’s comprehensive energy independence and climate change legislation, today highlighted new key findings from a non-partisan report that concludes the American Power Act will create 200,000 new jobs a year and will reduce foreign oil imports by 40%.
The report from the non-partisan Peterson Institute of International Economics also highlights the bill’s strong consumer protection provisions, noting that families will see a $35 net decrease in energy costs annually through 2030.
“What greater incentive for action is needed than creating jobs and reducing our foreign oil dependency? This non-partisan, hard headed study by an institute committed to fiscal truth-telling should be an economic and security wake-up call,” said Sen. Kerry. “Don’t take my word for it: The study shows that the American Power Act will cut our foreign oil imports by 40 percent, create hundreds of thousands of jobs each year, and protect consumers. It’s time to turn our energy policy from a national weakness into a national strength. It’s time to take action.”
This paper is the first comprehensive economy-wide assessment of the American Power Act, and employs the Department of Energy’s National Energy Modeling System. It is also the first analysis that captures the effect of the current economic condition on the impacts of the legislation.
The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Peter George Peterson served as Secretary of Commerce under the Nixon Administration and was Chairman of the Council on Foreign Relations for more than 20 years.
More information on the American Power Act is available at kerry.senate.gov.