How to Solve the Gas Problem: McCain vs. Obama

With an increased international demand, national gas prices now topping four dollars a gallon, and no hints of a slowdown, America’s commuters want plans and solutions.

McCain Plans to Increase Domestic Production

Presumptive Republican nominee John McCain has stated that America’s history of environmental conservation, a century-old campaign begun by Teddy Roosevelt, has become a “moral luxury’’ and “personal virtue’’ that is no longer compatible with the current economic climate. The Republican nominee, if elected, plans to lift a federal ban on offshore oil and gas drilling as well as build new refineries in order to increase domestic supply. With the country’s unexplored oil reserves containing at least 21 billion barrels of oil, McCain emphasized the importance of increasing self-sufficiency and escaping dependence on Middle East reserves. This economic autonomy from outside interests and increased oil supply would theoretically, McCain asserts, generate a decrease in gas price. McCain is also known to be a firm supporter of renewing Nuclear Power.

Obama Pushes to Tax Oil Companies’ Record Profits

With his race for the Democratic nomination now over, Barack Obama has turned towards criticizing John McCain’s plan to increase offshore drilling. Obama had previously been critical of Hillary Clinton’s endorsement of a summertime break from the gas tax, which was estimated to save Americans 30 cents a day. Now he is asserting that McCain’s plan to invest in offshore drilling would take a decade to produce “any oil at all,” and, seeing as America only holds three percent of the world’s oil, would not make America a self-sustaining energy provider.

Instead, Obama is pushing for a “windfall tax” on oil companies’ profits, rather than the physical oil itself. This would allow Americans to benefit directly from the corporations' increased profits. He is also advocating for an investment of 150 billion dollars over 10 years into renewable and green energies to decrease dependence on oil in general, as opposed to decreasing dependence on oil outside the US.

References:

http://thecaucus.blogs.nytimes.com/2008/06/17/mccain-to-lay-out-his-energy-prescription/index.html?hp

http://afp.google.com/article/ALeqM5iEEtq5vaAvtdRb3QEBADD9nWYUOQ

http://www.msnbc.msn.com/id/24443677/