"American Power Act Will Create 200,000 Jobs Per Year, Reduce Foreign Oil Imports by 40%"

[ProSense]

Peterson Institute Non-Partisan Study: Kerry-Lieberman American Power Act Will Create 200,000 Jobs Per Year, Reduce Foreign Oil Imports by 40%

WASHINGTON, D.C. – 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.

[chill_wind]

1. I applaud Senator Kerry for anything he does in this direction, but

I hope he finds a better endorsement than anything connected to Peter G Peterson.

I've got to ask myself how ultimately non-partisan the steering policy can be of an iconclastic Republican billionaire that co-founded and chaired the Blackstone Group (along with a big Bush Pioneer) and just gave McCain $28,500 in 2008.

http://www.muckety.com/Peter-G-Peterson/1268.muckety

http://www.sourcewatch.org/index.php?title=Peter_G._Peterson

http://www.sourcewatch.org/index.php?title=Blackstone_Group

Dean Baker:

http://www.guardian.co.uk/commentisfree/cifamerica/2009/feb/22/obama-fiscal-responsibility-summit-peter-peterson

[ProSense]

3. Maybe, the Senator values the judgment of these people:

Board of Directors
Laura D'Andrea Tyson
Paul A. Volcker


Advisory Committee
Paul R. Krugman
Joseph E. Stiglitz


Research experts
Simon Johnson


Visiting fellows
Nouriel Roubini

[Cleobulus]

2. OK, where the hell are we going to get 40% of the oil we import now domestically?

We don't have enough sources, period, to make up for such a shortfall. If its strictly a demand issue, demand for oil is reduced by 40%, then its realistic, all other scenarios are pie in the sky BS.

[karynnj]

4. Most oil it will be relaced by alternative fuels

Initially one big decrease will be conversion of some trucks to natural gas, which the US has. Over time, the demand for oil will go down as cars become more efficient and use less or no oil. This is speaking of more than a decade. Don't you think it possible that the cars on the road will be using half as much oil as they do now - and that the trucks will be on natural gas? If both of those things happen - and both are very very likely to happen - that estimate seems very reasonable.