Obama vs McCain – PART 2 – The Energy Wars

AUTHOR: Crystal Fontaine

The issue of energy is a popular, but very important, topic in the 2008 presidential race. It is an issue that reaches all of us, especially in our pocketbooks. As the election draws ever closer and recent spikes in gas prices begin to fall, we are faced with the decision that may either lead us towards greater energy independence and efficiency or leave us in the same ole’ rut.

John McCain’s strategy, or the Lexington Project, proposes to expand domestic oil and natural gas production as well as fund for alternatives in energy. He believes in lifting restrictions on drilling in the Outer Continental Shelf, putting our own reserves to use. According to McCain’s campaign website, the Outer Continental Shelf contains 77 trillion cubic feet of recoverable natural gas. McCain would push automakers, issuing a Clean Car Challenge that would create a substantial tax credit for the consumer based on the reduction of carbon emissions. While McCain supports Flex-Fuel Vehicles, he also supports the market for alternative energy sources, such as Solar Energy and Hydro. He proposes a $300 million prize to improve battery technology for fully electric vehicles and Plug-In Hybrids. In addition, McCain supports Nuclear Energy, which is a proven source of zero emission. The French may actually be on to something here, if we’d only pay attention. Currently, nuclear energy produces only 20% of our power. McCain’s goal is to construct 45 new nuclear plants by 2030, eventually constructing 100 new plants.

Obama provides a different strategy. He would like to crack down on excessive energy speculation by closing market loopholes and increasing transparency in order to thwart traders from unjustly lining their pockets. The plan calls for a swap of light oil from the Strategic Petroleum Reserve for heavy crude oil to help bring down those ghastly oil prices. Obama would like to see an increase in fuel economy standards, while establishing a national low carbon fuel standard to reduce carbon in fuels 10% by 2020. Also, there would be a “use it or lose it” approach concerning oil and gas leases. Under this approach, oil companies must develop 68 million acres of land which are leased but aren’t drilled in. He promotes responsible domestic production of oil and natural gas, prioritizing the assembly of the Alaska Natural Gas pipeline. Although he suppors more domestic production of oil and natural gas, Obama realizes the need for better and cleaner energy. He proposes $1 million of Plug-In Hybrids to be on the road by 2015. A $7000 tax credit would be created for purchasing advanced vehicles. In addition, Obama would ensure that 10% of electricity would come from renewable sources by 2012 and 25% by 2025.

Since man has walked the Earth, we have developed new and innovative ways to power our world, whether it was wood, coal, and now petroleum. What’s next on the list? Only time will tell. Whoever is elected this November cannot ignore the need for alternative energy sources.

Sources:
www.johnmccain.com
www.barackobama.com