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American Clean Energy & Security Act Please take a look at the information from Congressman LoBiondo on the “American Clean Energy and Security Act.”
WHY TAKE ACTION:
• For too long we have simply talked about energy independence without actually doing something proactive to achieve it. From the energy crisis of the 1970s that saw the rationing of gas and a greater reliance on foreign oil, to failing to employ higher fuel efficient standards in the 1990s-standards I supported-which could have cut our consumption and costs in half now…we have a history of inaction in this country on a national energy policy.
• Past generations have kicked this issue down the road, landing it upon the present generation all the while making us further energy DEPENDENT on foreign nations. Additionally, we continue to subsidize the oil industry even when gas hit $5.00 per gallon last summer. When does the cycle end?!
• The “American Clean Energy and Security Act” is the opportunity to break the cycle of inaction and finally move our nation towards real energy independence.
• In fact, the legislation-combined with new fuel efficiency and biofuel standards enacted in 2007 that I strongly supported-will cut the use of foreign oil by more than 5 million barrels a day in 2030. This as much oil as we currently import from the Middle East and Venezuela. (Source: EPA analysis of bill as reported from committee).
• While we are defending our homeland and our troops are engaged on the War on Terrorism abroad, we are sending billions of dollars each day to purchase foreign oil from countries that are not our allies. We could be spending that money on U.S. companies here at home, on jobs that are in the domestic production and renewable energy fields, and reaping those benefits.
WILL THIS WORK
• HR2454 builds on what has worked successfully in the past-this is precisely how the government successfully dealt with acid rain, back in the late 1980’s. As a result of the government’s actions-companies that invested money to clean up their acid rain pollution more than recouped their financial outlay by selling unused allowances to dirtier, slower to change competitors, and entrepreneurs quickly developed cleanup technologies-all ¼ of the cost originally anticipated. (New York Times-(6/22/2008) “A Green Coal Baron?” by Clive Thompson).
OPPORTUNITIES FOR BUSINESS/JOB GROWTH
• We must focus on strengthening the economy by driving advancements in industry and new business growth in South Jersey-this legislation rightly focuses on growing our manufacturing base for the materials needed for alternative energy production, such as solar cells, wind turbines and environmentally-friendly buildings. The United States should be leading the innovation, research and development race as we have in so many other areas. If we can get 60 miles per gallon with next year’s Hummers, then we can create the technologies to make us energy independent.
• New Jersey is uniquely prepared for this legislation-many of the federal standards that would be created by this legislation are mirroring our state standards long on the books. For the past decade, New Jersey has been forward-looking in its energy policy and sought to establish diverse, renewable alternative sources of energy to meet the state’s needs. In fact, the state already has two solar manufacturing companies (Petra Solar and EPV Solar), countless installation businesses and, in terms of wind, Fisherman’s Energy in Cape May, Bluewater and Deepwater wind are in Hoboken. These past actions will help to insulate New Jersey residents and businesses from those coal-burning states will face.
• Furthermore, there are tremendous opportunities for new “green businesses” and new jobs in the region from the research, development, manufacturing, distribution and installation of solar panels, wind turbines, energy efficient products, environmentally-friendly home building materials etc. There has been some skepticism from residents about such industries. In addition to pointing to solar and wind projects in each of the counties…and the largest single-proof project at the Atlantic City Convention Center… “green businesses” are being established across the state. More than 10 companies are already located here in South Jersey.
• Additionally, major corporations in New Jersey that supported the legislation include: PSE&G, DuPont, and Johnson & Johnson. This is in addition to Starbucks, GE, Hewlett-Packard, Duke Energy, Constellation Energy, Exelon, the John Deere Company, eBay, Sun Microsystems, Caterpillar, Inc, Siemens Corporation, PepsiCo and Alcoa. They supported this bill because they see what the future holds and the benefit of reducing their energy costs as a practical, successful business model.
IMPACT ON CONSUMERS
• It is important to note that New Jersey is far ahead in terms of cap and trade regulations. As mentioned above, New Jersey along with 9 other states (New England, NY, MD) partnered together in 2005 as the Regional Greenhouse Gas Initiative (REGGI). Under this cooperative agreement, the states have been increasing alternative energy development while reducing greenhouse gas emissions. Unfortunately, there have no environmental benefits at this point due to pollution coming from Pennsylvania and states in the Mid-West that carry over into New Jersey. However, because of New Jersey’s proactive efforts, the state will not feel the impact that states in the Mid-west and South…and even neighboring Pennsylvania…will feel as they are brought in line to the new federal standard.
• While there are countless estimates from various sources-conservative and liberal alike-I relied on the Congressional Budget Office (CBO), a non-partisan extension of Congress charged with scoring the economic impact of all legislation. According to CBO, on average, each household in the U.S. may see a $175 increase in their annual energy costs by 2020. For reference, this is the same CBO that scored President Obama’s healthcare reform legislation to cost $1.6 trillion over 10 years-for critics who accept CBO’s score of the healthcare reform bill, they cannot selectively choose to ignore the score for the cap and trade bill.
• Over the next 10 years, this bill will likely not result in much of any increase in electrical rates for New Jersey consumers. New Jersey already has a stricter renewable energy standard than what is proposed by this legislation, according to the Energy Information Agency (EIA), New Jersey’s households may see less than a $50 increase in their annual energy costs by 2020.
IMPERFECTIONS
• The bill is far from perfect. I am disappointed the bill lacks a domestic production component in terms of drilling on the federally-leased 70 million acres of lands-onshore and offshore-across the country. I continue to support domestic oil and natural gas drilling, although I am opposed to the exploration off New Jersey’s coast due to the potential impact to the state’s $38 billion tourism industry and estimated 500,000 jobs. I am strongly supportive of the wind-farm proposal off the shores of Atlantic and Cape May counties.
CONCLUSION
• The “American Clean Energy and Security Act” breaks with the cycle of our past, gives us the opportunities to promote our energy independence and create new job opportunities here at home, and finally move our nation towards real energy independence.
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