This morning our recently released Index of U.S. Energy Security Risk got some attention from the Council on Foreign Relations. They suggested that the American Power Act released last month by Senators Kerry and Lieberman could improve U.S. energy security, however their own analysis shows that energy security risks would increase with passage of the bill.

We think it’s about time that other organizations consider the energy security implications of proposed legislation just as we have and will continue to do. But in order to make a complete and transparent analysis on any legislation, a number of other data points have to be considered: namely impacts on energy prices, GDP, and American jobs. Even the analysis used by CFR shows that the bill would lead to higher energy prices, cost American jobs, reduce GDP by more than $400 billion from 2021 – 2030 alone. As we undertake a thoughtful and deliberative debate on this important topic, these considerations need to recognized. We must reduce our energy security risk at an acceptable cost and achievable timeline.

Energy and climate legislation would have a broad impact on our way of life and it requires a robust debate about the costs and tradeoffs to transition to a clean energy future. And that’s exactly why the Chamber is currently analyzing the bill’s long-term effects on the U.S. economy, jobs, the environment, energy markets and energy security. In addition to EPA’s evaluation of the American Power Act released today, there are other analyses that will be forthcoming. We are conducting our own analysis with more realistic assumptions (including the availability of offsets and rate at which new technologies can be deployed) and ensuring that we work with our diverse membership to assess its impact on the business community.