Barack Obama has developed a comprehensive energy program consisting of seven key provisions with extensive detail. For more information, read the complete plan on his campaign website, www.BarackObama.com. The high points are:.
1. Provide short-term relief in three ways: (a) enact legislation that closes loopholes in the Commodity Futures Trading Commission regulations that allow oil speculation to artificially distort the market; (b) require oil companies to share their profits with the American people in the amount of $500 for individuals and $1000 for families; and (c) sell approximately 10 percent - 70 million barrels of crude oil - from the Strategic Petroleum Reserve. .
2. Help create five million new jobs by investing $150 billion over the next 10 years as incentive to companies to develop clean energy. .
3. Maximize the U. S. supply of energy by (a) using existing land and offshore oil leases; (b) producing more oil and natural gas in Montana, North Dakota, Texas, and Arkansas; (c) constructing the Alaska Natural Gas Pipeline; and (d) establishing a national low carbon fuel standard to reduce carbon by 10 percent within 10 years. .
4. Make vehicles more efficient by (a) increasing fuel economy standards by 4 percent annually; (b) producing one million American-made plug-in hybrid cars with the capacity of 150 miles/gallon by 2015; and (c) making $4 billion in retooling tax credits and loan guarantees for auto and parts makers.
5. Have diversified sources of energy by (a) ensuring 10 percent of electricity comes from renewable sources like wind, solar and geothermal by 2012, and 25 percent by 2025; (b) developing clean coal technologies; and (c) expanding nuclear power after issues of waste storage security and proliferation have been established. .
6. For climate change, Obama will (a) be an active participant in the United Nations Framework Convention on Climate Change, and (b) implement an economy-wide cap-and-trade program to reduce greenhouse gas emissions 80 percent below their 1990 levels by 2050.
