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.