A recent analysis of the American Clean Energy and Security Act (ACES) by the U.S. Energy Information Administration (EIA) is the government's first look at how the legislation may directly impact oil imports, and shows "significant" reductions in what Americans will need to import from foreign countries.

Climate Progress has the details:

Overall oil imports would decline by 590,000 barrels per day by the year 2020 under ACES, according to EIA .  This is roughly equivalent to the total amount of oil we imported from Iraq in 2008 (620,000 barrels per day).  Over the next twenty years, America would save $650 billion on foreign oil (cumulatively through 2030).  This is in constant 2007 dollars, and is calculated by applying EIA’s forecast of oil prices to EIA’s projected savings in oil imports.

ACES has many features to reduce our dependency on foreign oil, including strong investments to promote vehicle battery technologies and household smart grid connections to power our cars with electricity.  EIA acknowledges that it wasn’t able to model a number of these features, so the actual oil savings would likely be larger.

The EIA analysis predicts a $650 billion cut in the cutting U.S. foreign oil bill through 2030, saving $5,600 per household.