Climate Bill Will Save Each US Household $5,600 Due to Reduced Oil
Imports: EIA
by Matthew McDermott, New York, NY
<http://www.treehugger.com/authors/index.php?author=matthewm>  
<http://www.treehugger.com/feeds/authors/matthewm.xml>  on   09.11.09
Business & Politics <http://www.treehugger.com/business_politics/>

  [dollar bills photo]

There've been many projections about how much American Clean Energy &
Security Act
<http://www.treehugger.com/files/2009/06/is-climate-bill-step-forward-or\
-marching-in-place.php>  could save (or cost) the US, but recent Energy
Information Agency <http://www.eia.doe.gov/>  analysis is the first
really quantifying the impact on imported oil. Climate Progress
<http://climateprogress.org/2009/09/10/eia-clean-air-clean-water-clean-e\
nergy-jobs-bill-energy-independent-oil-savings/>  has a good breakdown
of it:

According to the EIA, oil imports would drop by 590,000 barrels per day
by 2020 under ACES. Currently the US imports
<http://www.eia.doe.gov/basics/quickoil.html>  about 9.8 million barrels
of crude oil per day.

So in terms of actually reducing US dependence on foreign oil that's not
really that much, but it does add up in terms of money saved.
Cumulatively though 2030 the US would save $658 billion -- or $5,600 per
household. Or, using the same cumulative math, $466 per household per
year through 2030 just from reduced oil imports. That's in constant 2007
dollars, by the way

  [ACES oil import savings graph image]

Savings Likely Higher as Peak Oil Really Sets In
Joe Romm notes though that these savings really could be greater, as in
his words the EIA "doesn't get peak oil" (unlike the IEA
<http://www.treehugger.com/files/2009/08/iea-chief-economist-says-oil-su\
pplies-running-out-fast.php> ) and the effects it could have on oil
prices -- Romm estimates that the savings could really be 50% greater
than the EIA projections.
http://snipurl.com/rtd4t


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