[UPDATED] The Peterson Institute for International Economics released a report (PDF) Thursday that said the American Power Act, the climate and energy bill now before the Senate, would create 203,000 net new jobs a year in the first decade were it made into law.
The report also said provisions in the Act would reduce US oil imports 9 to 19 percent below “business as usual” levels by 2030 — 33 to 40 percent below current levels.
The APA would “significantly alter the way the United States produces and consumes energy,” the report stated, with the share of total energy generated from fossil fuels dropping to 70 percent from 84 percent today.
The Institute said that households could see anywhere from a $136 increase to $35 decrease in annual energy expenditures because of the bill — or about 37 cents a day at the high end. Gasoline prices would be 11 cents higher between 2011 and 2020, and 24 cents higher from 2021 to 2030.
Nuclear power would see the greatest growth versus business as usual under the APA, with an estimated 78 gigawatts of new nuclear power added by 2030. The APA includes billions in loan guarantees for the nuclear industry.
Congress is awaiting its own economic analysis of the APA from the US EPA, which could be out in the next month or so.
A recent Climatewire article suggested the bill had entered a “no man’s land” of legislative uncertainty. Senate Majority Leader Harry Reid plans a meeting the week of June 7 to help determine whether to try and move forward with the APA or try and pass a pared down “energy only” bill instead.