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Executive Summary

Between 2010 and 2030, New Jersey will spend as much as $888 billion on oil, coal, and other fossil fuels - 3.3 times the total earnings of all New Jersey workers in 2007.  At the same time, pollution from fossil fuels is the number one source of air and global warming pollution and a leading source of water pollution.

High spending on fossil fuels is largely driven by our dependence on oil, according to the analysis.  New Jersey is on track to spend as much as $39.5 billion on oil alone in 2030, 80 percent of the state’s total spending on fossil fuels.

Nationally, in 2006, U.S. consumers and businesses spent $921 billion on fossil fuels – more than was spent on education or the military.  The country is on track to spend between $23 trillion and $30 trillion on fossil fuels between 2010 and 2030, the high end of which is more than double the nation’s total economic output in 2007. These figures do not include the damages to our environment and health resulting from the production and use of fossil fuels – such as global warming, air and water pollution, mountaintop mining, and oil spills. 

New Jersey will spend as much as $1,878 more per person every year on fossil fuels in 2030, if we stay on our current energy path. In 2006, New Jersey spent $3,154 per capita on fossil fuels.  In 2030, that figure is expected to rise up to $5,032 for every man, woman, and child in the state, as much as a 60 percent increase.

In contrast, moving to clean energy – wind turbines, solar panels, and energy-efficient homes and buildings – would save money, even excluding the additional benefits for the environment, health, and security.  For instance, a recent report by the Union of Concerned Scientists found that transitioning to clean energy would cut costs in the Mid-Atlantic region by $11,20 per household annually and save consumers and business a total of $36 billion annually in 2030.  In addition, clean energy creates jobs here at home, since clean energy projects tend to be labor intensive and cannot be outsourced.