Energy_Compare_FINAL-1

OBAMA VS. MCCAIN ON ENERGY

ISSUE

REDUCING OUR DEPENDENCE ON FOREIGN OIL

TAKING ON THE OIL INDUSTRY

OBAMA

Obama Will Partner With Domestic Automakers To Fast‐Track The Development Of Higher Mileage Cars And Produce Advanced Vehicles. As President, Obama will invest in putting one million plug‐in hybrid vehicles on the road by 2015 and provide $4 billion in retooling tax credits and loan guarantees for domestic auto plants and parts manufacturers, so that the new fuel‐efficient cars can be built in the U.S. by American workers rather than overseas. He will also provide tax credits for consumers to purchase advanced technology vehicles.

Obama Has Consistently Supported Measures To Increase Our Use Of Alternative Fuels And Passed A Measure To Increase The Availability Of Gas Stations Which Accommodate Ethanol –Based Fuels. Obama has repeatedly voted for efforts to conserve energy, invest in renewable energy and to provide tax credits to help companies develop alternative energy while in the Senate. Obama passed a measure that gave gas stations a tax credit to install E85 ethanol refueling pumps.

MCCAIN

McCain Has Been Part Of The Problem in Washington. McCain said that our dependence on foreign oil has been “thirty years in the making, and was caused by the failure of politicians in Washington.” However, McCain has been in Washington for 26 of those 30 years and has done little to solve the problem.

McCain Voted Against Increased Fuel Economy Standards. McCain repeatedly voted against increasing the fuel economy standards to 40 miles per gallon. If he had not helped block this policy, new car buyers would already be seeing benefits today. The average new car buyer would be getting an extra 3.3 miles per gallon today, saving them almost $250 this year. Americans would be saving over $7 billion on gasoline this year and we would be using about 2 billion fewer gallons.

McCain Joined Bush In Opposing Legislation That Included Tax Incentives For the Purchase Of Fuel Efficient Cars. Twice in the last year, McCain has joined President Bush in opposing legislation that included $3,000 in tax rebates for purchasers of plug‐in hybrid vehicles or fully electric vehicles.

McCain’s Tax Plan Would Give $4 Billion In Tax Obama Will Enact a Windfall Profits Tax on the Breaks To The Oil Industry. McCain’s plan to cut Top Grossing Oil Companies to Ease the Burden corporate taxes would give $4 billion in tax breaks on American Families And Require Oil Companies to oil companies – including $1.2 billion for Exxon.

To Use Existing Drilling Leases. Obama supports

imposing a windfall profits tax to pay for an McCain Opposed Eliminating Billions In Tax immediate emergency energy rebate of $500 for Breaks For Major Oil And Gas Companies. McCain individuals and $1,000 for families and will require opposed legislation to eliminate $13 billion in tax oil and gas companies to either produce or pay a breaks for major oil and gas companies, and fee on unused federal and offshore leases oil instead use those funds to invest in clean and companies are stockpiling. efficient energy programs.

Obama Would End Oil and Gas Industry Tax McCain Has Raised More Than $2 Million In Breaks. Obama has called for repealing the oil and Campaign Contributions From The Oil And Gas gas industry tax breaks that President Bush himself Industry. Since January 2007 McCain has raised has said himself are unnecessary given today’s more than $2 million from the oil and gas industry. strong market incentive for expanding exploration And, as the Washington Post noted, campaign and production. contributions from oil industry executives to

McCain rose dramatically after he reversed his opposition to the federal ban on offshore drilling.

ISSUE

REAL SOLUTIONS TO HELP FAMILIES COPE WITH HIGH ENERGY PRICES

OBAMA

Obama Will Crack Down on Excessive Energy Speculation. Obama will enact legislation to close loopholes in regulation of the energy markets and increase transparency on the speculative market to help bring oil prices down and prevent traders from unfairly lining their pockets at the expense of the American people.

Obama Proposes New Energy Checks To Families To Provide Real Relief. Obama will provide direct relief worth $500 for an individual and $1,000 for a married couple to help cover increased energy costs. The rebates would be fully paid for with five years of a windfall profits tax on record oil company profits.

INVESTING IN THE NEW ENERGY ECONOMY

Obama Has Called For a Swap of Oil From Strategic Petroleum Reserve to Cut Prices Now. Obama supports releasing light oil from the SPR now and replacing it later with heavier crude more suited to our long‐term needs. A swap has a demonstrated ability to bring prices for consumers down.

Obama Will Invest $150 Billion Over 10 Years And Create 5 Million New Green Jobs. Obama will invest $150 billion over 10 years to that will create 5 million new green jobs, including highly‐skilled manufacturing jobs to produce the first wave of green technology.

Obama Has Repeatedly Voted For Higher Renewable Energy Standards And Will Require That 10 Percent of Electricity Come from Renewable Sources by 2012 and 25 Percent by 2025. Obama has repeatedly voted for higher renewable energy standards and, as president, will establish a 10 percent federal Renewable Portfolio Standard to require that 10 percent of electricity consumed in the U.S. is derived from clean, sustainable energy sources, like solar, wind and geothermal by 2012.

Obama Will Extend the Production Tax Credit to Spur Renewable Energy. Obama will also extend the federal Production Tax Credit (PTC) for 5 years to encourage the production of renewable energy.

MCCAIN

McCain Repeatedly Voted Against Taxing Oil Industry Profits To Provide Consumers With Rebates And Opposed Making Gas And Energy Price Gouging A Crime. McCain repeatedly voted against a windfall profits tax on the oil companies that would fund energy rebates for consumers. He even attacked Obama for supporting a similar proposal. In addition, McCain opposed an effort to make gas and energy price gouging a federal crime during a national energy emergency.

McCain’s Gas Tax “Holiday” Will Give Consumers Pennies, While Boosting Oil Industry Profits.

McCain has proposed a temporary suspension of the gas tax to help consumer cope with high fuel prices. Experts say that this will save consumers only pennies a day, while actually helping the oil industry increase their profits. In addition, by suspending the gas tax, McCain would strip $9 billion from our highway construction funds, resulting in the loss of more than 300,000 construction jobs.

McCain Has Repeatedly Opposed Investments in Alternative and Renewable Sources of Energy.

McCain has repeatedly voted against critical investments in alternative and renewable sources of energy, including clean biofuels, solar power and wind power. McCain has also repeatedly voted against renewable energy mandates and opposed legislation that included an extension of the production tax credit – a key incentive for the growth of the new energy economy.

McCain Voted Against The Largest Investment In Renewable Sources Of Energy In Our History.

McCain voted against the 2005 energy bill that represented the largest investment in renewable sources of energy in the history of this country.

The tax incentives included in the bill contributed to a dramatic increase in wind power generation in 2007.

McCain Opposes Requiring Oil Companies To Use Their Profits To Pursue Alternative Energy.

McCain said he would not require the oil companies to use their profits to “pursue alternative energy” and voted against requiring oil refiners to produce some renewable fuels.

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