ENERGY POLICY

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McCAIN supports more domestic drilling for oil and natural gas in federal lands in the West as well as off the outer continental shelf. He continues to oppose drilling in Alaska's national wildlife refuge, although his running mate, Alaska Gov. Sarah Palin, is trying to change his mind. He now backs subsidies for ethanol development, despite being critical of them earlier in his Senate career. McCain would also offer a $300-million prize to whoever can invent the next generation car battery, and he favors tightening market requirements to discourage speculation in oil futures. Look for him to pick away at the 36-billion renewable fuels standard, set to be phased in through 2022, with up to 15 billion gallons of it from corn ethanol.

OBAMA says his No. 1 priority would be to invest $15 billion a year in the development of alternative energy. He is opposed to drilling in environmentally sensitive areas, although he says he'd back additional drilling if it is necessary as part of a broader compromise to promote alternative energy sources.. He'd double vehicle fuel efficiency standards in 18 years. In addition, he supports requiring gasoline suppliers and refiners to reduce the amount of carbon in fuel. Like McCain, Obama backs ethanol subsidies and favors steps to reduce speculation in oil futures markets.

6 Comments

Rick Cooley said:

What does "seek $150 billion" over 10 years mean? I believe this means the U.S. treasury will be out $150 billion and it will need to come from tax revenue in one way or another.

July 10, 2008 8:31 AM

Randy said:

"Seek" means that he will ask Congress which, under the Constitution, has the power of the purse, to appropriate the funds. And yes, this will, as does ALL goverment spending, come out of tax funds. Of course, Obama plans to spend the money developing alternatives to oil, a rapidly diminishing commodity, while McCain wants to subsidize an alternative that has already proved to be unworkable. So, the difference between the two is not which one will spend tax revenue -- both will -- but which one will use the money in pursuit of a rational energy policy.

July 10, 2008 4:18 PM

Luke said:

I think you missed the part that said both back the subsidies. Hence both making a bad decision in that area of their energy policy.

August 25, 2008 1:46 PM

Jennifer said:

Both McCain and Obama are backing ethanol subsidies. That right there suggests that neither has a real understanding of energy. Ethanol production had a hand in the commodity prices hitting an all time high increase this summer. Ethanol also uses more energy in its creation than when it is actually used.

Ralph Nader would cut these wasteful subsidies and transfer them into solar and wind projects. Another reason why he has my vote and the other two do not.

September 30, 2008 3:57 PM

John Brown said:

OBAMA says, he supports requiring gasoline suppliers and refiners to reduce the amount of carbon in fuel.

WHAT ??

Can we get a G-8 level brief on the atomic makeup of gasoline? Someone needs it ... BAD !

October 23, 2008 11:25 AM

Sandy said:

You didn't meantion either canidate's policies on nuclear energy.

October 23, 2008 3:52 PM