McCain
McCain wants to expand domestic oil and natural gas exploration and production by lifting restrictions on drilling in the Outer Continental Shelf and building the necessary infrastructure required to transport the natural gas available there.
To reduce our dependency on foreign oil, McCain wants to transform the transportation sector. To do this, he will issue a Clean Car Challenge to American automakers, in the form of a $5,000 tax credit for every customer who buys a zero-carbon-emission car.
In addition, McCain will propose a $300 million prize to improve battery technology for full commercial development of Plug-In Hybrids and fully electric cars.
McCain also wants to increase the use of Flex-Fuel Vehicles and use alcohol-based fuels as an alternative to gasoline and to expand consumer choices. He plans to enforce existing mileage requirements that automobile manufacturers' cars must meet.
He will invest in clean alternative sources of energy and commit $2 billion annually to advancing clean coal technologies. He wants to put his administration on track to construct 45 new nuclear plants by 2030 and ultimately 100 new plants.
McCain proposes establishing a cap-and-trade system, which would set limits on greenhouse gas emissions and encourage development of low-cost compliance options. McCain does not support a windfall profits tax on oil companies
Obama
To provide short-term relief from high gas prices, Obama will tax excessive oil profits and create an immediate $1,000 emergency energy rebate for American families.
To cut prices at the pump, Obama will propose a limited swap of light oil from the Strategic Petroleum Reserve for heavy crude oil.
To reduce our energy imports within 10 years, Obama will increase fuel economy standards 4 percent per year and give $4 billion to domestic automakers to set up their American manufacturing facilities to make more efficient vehicles.
He will aim to have one million Plug-In Hybrid cars on the road by 2015 and will try to ensure that these cars are built in America.
Obama will create a $7,000 tax credit for purchasing an advanced vehicle and establish a National Low Carbon Fuel Standard.
In addition, Obama will promote responsible domestic production of oil and natural gas by establishing a process for early identification of any obstacles to drilling in the Bakken Shale formation, the Barnett Shale formation and the National Petroleum Reserve in Alaska.
Obama's goal is to reduce electricity demand by 15 percent from projected levels by 2020 and ensure that 10 percent of our electricity comes from renewable sources by 2012 and 25 percent by 2025.
Obama will prioritize the construction of the Alaska National Gas Pipeline, which he says will create thousands of new jobs. He wants to reduce greenhouse-gas emissions by 80 percent by 2050 and will reengage with the U.N. Framework Convention on Climate Change.
