A new report released today indicates that a proposed Clean Fuels Standard could significantly strengthen the economy and boost energy self-sufficiency in the Northeast and mid-Atlantic by saving Americans billions in personal disposable income, bringing in billions more for participating states, and creating up to 50,000 jobs per year.
The analysis, conducted by the Northeast States for Coordinated Air Use Management (NESCAUM) on behalf of 11 northeast and mid-Atlantic states, shows that creating a Clean Fuels Standard would help strengthen the region’s economy while reducing America’s reliance on oil and our exposure to volatile oil prices by supporting a clean energy economy here at home.
It enumerates multiple economic and environmental benefits the standard could deliver in the next 10 years, including:
- Creating up to 50,000 jobs annually
- Increasing personal disposable income in the region by up to $3.2 billion
- Growing our state economies by up to nearly $30 billion dollars
- Reducing our region’s dependence on oil by as much as 29 percent
- Reducing harmful air pollution that causes climate change up to 9 percent
Under a Clean Fuels Standard being considered, oil companies would make their fuels 10 percent cleaner on average when it comes to carbon pollution, allowing them to do this any way they choose (such as boosting sales of electricity for electric vehicles, advanced biofuels or natural gas). This means billions of dollars would be reinvested in the states to develop clean, local alternatives to gasoline and diesel – rather than sending them overseas.
CLF is encouraged by the report’s positive findings. Sue Reid, director of CLF Massachusetts, said, “The status quo of continuing to burn billions of gallons of gasoline and diesel fuels year after year is unsustainable on every level. With gas prices a dollar higher than this time last year, our region should seize on this good news that cleaner alternatives present real economic opportunity for the region. A Clean Fuels Standard provides a viable path to meeting our greenhouse gas reduction targets, and a way off of the fossil fuel roller coaster.”
Read reaction from other leading environmental and science organizations who support the Clean Fuels Standard here.