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Net Gas Cost Savings for U.S. Motorists Seen Through Combined Impact of Two Climate-Related Measures

The American Council for an Energy-Efficient Economy (ACEEE) released a news analysis in November that predicts actual savings for drivers in the long run if climate legislation is passed.

by cluestream

Despite doomsday prediction from energy-industry-funded interest groups, U.S. consumers actually will see a net reduction of $13 billion in 2020 and $46 billion in 2030 in their gasoline expenditures ($100 and $326 in average net savings per household, respectively) if Congress moves ahead to impose a cap-and-trade system.

…[The] white paper explains that the lower gasoline expenditures for U.S. consumers will reflect a combination of two factors: a much lower cost per gallon of gasoline for the impact of cap and trade than is claimed by cap and trade critics plus major savings made possible through the federal government’s drive for higher vehicle miles per gallon (MPG) performance.

First, the analysis shows that the increase in the cost of a gallon of gasoline due to the carbon cap-and-trade program established in the climate bill will in fact be modest (an additional $0.15 per gallon in 2020 and $0.24 per gallon in 2030).

Second, while this increase could be significant for many households, it would be offset by the phase-in of a dramatic and money-saving rise in the fuel economy of U.S. vehicles.

The net effect of the tighter fuel economy (CAFE) standards for vehicles just proposed by the Department of Transportation and the cap-and-trade program in the climate bill will be lower average household transportation costs in 2020 and 2030 than we would experience under a business-as-usual scenario.

Of course, all of this is dependent on the actual passage of this or a similar bill in Congress.

Read the rest of the white paper summary at http://www.aceee.org/press/0911mpg.htm.

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