Comparing Obama, McCain energy plans

A comparison of the major energy initiatives proposed by Democratic presidential candidate Barack Obama and Republican presidential candidate John McCain:

LONG-TERM VISION

Obama:

Confront America’s dependence on oil by developing energy alternatives and conservation.

McCain:

Break the nation’s dependence on foreign energy by 2025 with more domestic production and alternative energy sources.

ENERGY PRICE RELIEF

Obama:

$1,000 tax rebate to help people pay high energy bills, financed by a windfall profits tax on oil companies.

Release 70 million barrels of oil from the government’s Strategic Petroleum Reserve to boost supplies.

McCain:

Temporarily suspend the 18-cents-per-gallon federal gasoline tax.

Opposes use of government oil reserve.

OFFSHORE DRILLLING

Obama:

Will consider lifting oil drilling bans in some offshore federal waters as part of broader energy package.

McCain:

End drilling bans on all offshore waters beyond 50 miles from shore, as long as state has say about energy development of its shores.

NUCLEAR POWER

Obama:

Existing plants must play a role, supports new reactor construction ‘only so far as it is clean and safe.’ Opposes the Yucca Mountain nuclear waste dump in Nevada and calls for another approach to dealing with reactor waste. Opposes nuclear waste reprocessing.

McCain:

Wants to build 45 new nuclear power plants by 2030. Strongly supports Yucca Mountain project. Supports research into nuclear-waste reprocessing.

OIL PROFITS

Obama:

Proposes a 50 percent tax on ‘windfall’ profits of five largest U.S. oil companies and using the money to provide a ‘rebate’ to the public to help pay for high energy costs.

McCain:

Opposes new taxes on oil companies, saying such taxes would hinder investment in exploration and new production.

GLOBAL WARMING

Obama:

Mandatory reductions of carbon dioxide and other greenhouse gases by 80 percent from 1990 levels by 2050, using a market-based cap-and-trade system.

McCain:

Mandatory reductions of carbon dioxide and other greenhouse gases by 66 percent from 1990 levels by 2050, using market-based cap-and-trade.

CARS

Obama:

Increase federal fuel economy requirements beyond 35 mpg.

Invest in advance vehicle technology; put 1 million plug-in hybrid cars on road by 2015.

$7,000 tax credit for purchase of advance-technology vehicles.

McCain:

Current fuel economy standard adequate.

Supports plug-in hybrid; proposes $300 million prize for improved batteries for hybrid vehicles.

$5,000 tax credit for purchase of zero carbon emission cars.

ARCTIC NATIONAL WILDLIFE REFUGE

Both candidates oppose opening the Alaska refuge to oil drilling.

ALTERNATIVE FUELS

Obama:

Proposes $150 billion, 10-year clean energy development fund for biofuels, wind, solar, plug-in hybrids and clean-coal technology, and electric cars.

Invest $1 billion a year to convert old manufacturing centers to ‘clean technology centers’ and new job training programs for clean energy technologies.

Require all utilities to produce at least 10 percent of their electricity from renewable energy such as wind, solar or biomass.

McCain:

Supports $2 billion program to develop carbon capture and other clean coal research and development.

Use tax credits to promote energy research, and extend existing credits for ‘low carbon’ renewable energy sources such as hydroelectric dams, wind and solar.

ENERGY EFFICIENCY

Obama:

Overhaul appliance and other energy efficiency standards with goal of reducing building energy use by 25 to 50 percent. Weatherize 1 million energy-inefficient homes a year.

Develop ‘smart grid’ power lines to increase electricity savings.

McCain:

Develop ‘smart grid’ power lines to increase electricity savings.