U.S. CHAMBER OF COMMERCE

Reports

Reports

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On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017 that amended the International Revenue Code of 1986. This represents the first major tax reform in more than three decades, lowering rates for all businesses, making our tax system more competitive, and unleashing a new era of growth for the American economy. Because of these changes, companies are reinvesting in their business, employees are reaping rewards through bonuses and increased wages, and individuals are keeping more of their hard-earned wages in their paychecks each month.

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This fourth edition of the Global Energy Institute’s (GEI) International Index of Energy Security Risk (International Index) provides an updated look at energy security risks across different countries for the years 1980 through 2016. The International Index is now published every two years, so this edition not only includes revised data but also adds new data for two years, 2015 and 2016, instead of just one.

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This 2017 Edition of the Index of U.S. Energy Security Risk is the first that we are releasing as the Chamber’s Global Energy Institute. GEI’s original incarnation, the Institute for 21st Century Energy, was formed in 2007 at a time when gasoline prices were at an all-time high, America’s dependence on foreign oil was growing, and our energy security was worsening alarmingly. Today, the situation is much different, which is reflected in our new name. American energy has changed our economy, and now it will change the world’s.

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Today, America’s diverse energy resources are providing abundant, reliable and affordable electricity that is critical to our economy and national security.

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Previous Energy Institute reports have provided both quantitative and qualitative detail with respect to how the dramatic increase in natural gas (and oil) production in the United States over the past half-decade has benefited businesses, consumers and communities across the nation.

These benefits have come in many different forms, from energy-usage cost-savings for consumers exceeding several thousand dollars per household per month, to the creation of millions of jobs and the lowering of the country’s greenhouse-gas emissions profile to levels not seen since the mid-1990s.

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While the regulatory approach to reducing greenhouse gas (GHG) emissions in the United States has largely focused on the power and transportation sectors, it’s clear that substantial reductions by the industrial sector would be needed to meet President Obama’s pledge under the Paris Agreement. This report summarizes a study conducted by NERA Economic Consulting on the potential impacts to the U.S. economy of regulating industrial sector GHG emissions. UPDATE: June 2017: Setting the Record Straight on the NERA Report https://www.globalenergyinstitute.org/setting-record-straight-nera-report

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The Obama Administration made an international pledge to reduce U.S. net greenhouse gas emissions 26% to 28% below their 2005 level by 2025. It also endorsed an eventual goal of an 80% reduction in emissions by 2050.L

The administration has argued accomplishing these goals will be good for the economy and create millions of good paying middle class jobs. If this all sounds too go to be true, that is because it is. And the evidence comes from the unlikeliest of sources . . . the Obama Administration.

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This paper marks the fourth in a series of reports produced by the Energy Institute being released this fall, each taking a substantive look at what might have happened in the past – or could happen in the future – if certain energy-related comments and policy prescriptions put forth by prominent politicians and their supporters were actually adopted. We’re calling it the Energy Accountability Series.

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This paper marks the third in a series of reports that we will be releasing this fall, each taking a substantive look at what might have happened in the past – or could happen in the future – if certain energy-related ideas and policy prescriptions put forth by prominent politicians and their supporters were actually adopted. We’re calling it the Energy Accountability Series. Certainly, one doesn’t need to look far these days to find platforms or outlets that claim to be definitive “fact-checkers” of all manner of utterances candidates make on the campaign trail.

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America’s relatively recent energy revolution has fundamentally transformed the way we find, access, transport, and consume the energy resources that power our economy. Moving from an Era of Energy Scarcity to an Era of Energy Abundance has caught many by surprise and upended global energy markets.