Date: June 15, 2010
Source: News Room
An EPA analysis of the Senate climate and energy bill being promoted by Sens. John Kerry (D-MA), and Joe Lieberman (I-CT), called the American Power Act, estimates it would cost American households 22 to 40 cents a day, less than the price of a first-class postage stamp. The bill aims to cut emissions of carbon dioxide and other greenhouse gases by 17 percent by 2020 and by more than 80 percent by 2050. It would for the first time, set a price on carbon emissions produced by coal-fired power plants and other large polluters. The EPA said carbon prices would range from about to $16 to $17 per metric ton in 2013 to about $23 or $24 per ton by 2020. Kerry and Lieberman hailed the 74-page analysis arguing that in light of the recent oil spill in the gulf, that the climate bill's cost is far outweighed by its benefits. The Senate bill, which follows a House bill approved last year, includes new protections for offshore drilling as well as incentives for nuclear power and renewable energy such as wind, solar and biomass.
PRESS RELEASE:
EPA Economic Analysis Shows "American Power Act" Decreases Energy Bills
For Immediate Release: Tuesday, June 15, 2010
WASHINGTON, D.C. – Senators John Kerry (D-Mass.) and Joe Lieberman (I-Conn.), co-authors of the Senate's comprehensive energy independence and climate change legislation, today released economic analysis from the Environmental Protection Agency (EPA) that shows that the American Power Act will decrease American's energy bills and ensure that families most affected by energy prices are protected.
"This definitive analysis proves that the American Power Act will decrease energy bills for families and protect consumers while offering the most effective cost containment measures of any previous climate legislation," the Senators said in a joint statement. "The results of inaction speak for themselves as we send $100 million a day to Iran and our waters and coastlines are ravaged by the spill in the Gulf. Majority Leader Reid, Speaker Pelosi, and President Obama have all committed to making this our year for Congressional action. We look forward to hearing from the President this evening on just how critical passing a comprehensive solution is for our country."
The analysis will be available later today at www.epa.gov.
EPA's analysis shows that the American Power Act:
decreases energy bills for households through 2030 and minimal impact on households' overall costs through 2050;
offers significant changes from previous legislation, including more robust and effective cost containment;
keeps allowance prices low, $16 in 2013 and $20 in 2020;
keeps overall household costs to a minimum for the life of the bill: about $80-150 per year; and
ensures those families most affected by energy prices are protected.
For more information, contact:
DC Press Office, 202-224-4159
Sign up to receive our free Weekly News Bulletin