Energy Future Coalition

It's time for an American economic renaissance.  High oil prices, a record deficit, the mortgage crisis, and a weak dollar have damaged our economy, and the threat of unchecked climate change looms in our future.  But the U.S. could seize the opportunity now to chart a new direction.  By transitioning to a clean energy future, the U.S. can grow its economy, create new jobs, and pursue solutions to environmental and security challenges.

Out with the Old
The U.S. economy is extremely dependent on oil to move goods and people.  But the U.S. holds only 3% of the world's oil reserves and consumes 25% of global production.  Extracting oil from non-traditional resources, such as oil shale would worsen global climate change.  Increased investment in renewable energy, energy efficiency, and other clean energy technologies, on the other hand, would allow us to cut oil imports and save the U.S. hundreds of billions of dollars every year.  It would also help stabilize our trade balance.  According to the Department of Energy, every $1 billion of trade deficit costs America 27,000 jobs. Oil imports account for almost one-third of the U.S. trade deficit and, hence, are a major contributor to unemployment.

In with the New
A new clean energy economy would allow much of that money to stay at home.  It would create millions of jobs, spur innovation, and help safeguard U.S. national, economic, and environmental security.  Renewable energy is available from domestic sources, helping to insulate the United States from fluctuations in world oil and natural gas prices.  Every dollar spent on renewable energy creates more jobs than the same amount spent on fossil fuels.  "Green collar jobs" offer stable careers in every region of the country as well, especially those hardest hit in recent times.  According to the Center for American Progress, 65 percent of the new jobs will go to the ten states that have suffered the most job losses.  And according to the American Council for an Energy-Efficient Economy, every $1 invested in energy efficiency generates $2 in return-good for businesses and consumers alike.

Competitiveness
Clean technology is the world's next economic driver.  Just as computers revolutionized the way we do business, so too will the way we harvest and use energy.  Countries that solve the twin challenges of energy and climate security will reap the rewards.  The U.S. should take a strong leadership role and promote the type of innovation that created cell phones and the Internet.

The U.S. helped develop the renewable energy technologies, like wind and solar, that other countries are now profiting from, but today only one out of the top ten wind companies in the world is U.S.-owned.  The U.S. needs a long-term commitment to clean energy technologies-from the research and development stage all the way through commercialization-to garner the financial rewards.

With a commitment to a clean energy future and the right mix of policies, the U.S. can show its leadership and rebuild its economy for the 21st Century.