September 11, 2009

Clean Energy Bill saves $5,600 per household

The U.S. Energy Information Administration (EIA's) recent analysis of the American Clean Energy and Security Act (ACES) includes the first government estimates of the legislation's impact directly on oil imports.

Overall oil imports would decline by 590,000 barrels per day by the year 2020 under ACES, according to EIA . This is roughly equivalent to the total amount of oil we imported from Iraq in 2008 (620,000 barrels per day).

Over the next twenty years, America would save $650 billion on foreign oil (cumulatively through 2030). This is in constant 2007 dollars, and is calculated by applying EIA's forecast of oil prices to EIA's projected savings in oil imports.

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