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1Center for American Progress | League of Conservation Voters | Sierra Club | Cleaner Cars, Less Foreign Oil
LEAGUE OF CONSERVATION VOTERS
Cleaner Cars, Less Foreign Oil
A Path to Economic Prosperity and Oil Security
John Podesta, Carl Pope, Gene Karpinski March 2011
Introduction and summary
America is suering rom anoher oil price shock less han hree years aer prices hi arecord o
$147 per barrel in July 2008. Over he pas monhoil prices rose by over $20per barrel, or more han 25 percen. Tis price hike reecs poliical insabiliy in many oil-producing Persian Gul naions. And Wall Sree speculaors have preyed upon oilusers’ ears abou supply inerrupions o bid up he price o over $100 per barrel.As he price o oil climbs, so oo does he price or gasoline. Every $10-per-barrel increase in oil prices booss gasoline prices by 25 cens per gallon. Many Americans dono have he opion o signicanly reduce heir driving or easily buy more uel-efciennew cars, so hey spend more on gasoline and less on oher goods and services. Tisslows our naion’s sill shaky economic recovery and disrups job growh. Meanwhile,our economy ships o nearly a $1 billion per day o oher naions o purchase oreignoil. And higher prices due o insabiliy and speculaion inae he pros o big oilcompanies while Americans’ wages remain sagnan.I’s ime o ge conrol o volaile oil prices ha are huring our economy, our securiy,and he everyday budges o American amilies. Tese measures are crucial or long-erm economic growh, more jobs, and less dependence on oreign oil. Tey work ogeher o reduce impors and save money.We propose a bold “Cleaner Cars, Less Foreign Oil” plan ha has our crucial elemens.
Cut foreign oil use by 5 percent annually to slash these imports in half by 2022.
Invest in 21st century clean, efficient vehicles and transportation.
We need obuild 21s cenury cars ha ge 60 miles per gallon by 2025, rucks wih a 15 percenimprovemen in uel economy, and inves in elecric cars. And we need o modernize