John McCain says nation must drill new oil wells now, while supporting innovative transportation technologies and "the use of wind, tide, solar and natural gas."
(Credit: Declan McCullagh/CNET News)ST. PAUL, Minn.--John McCain formally accepted the Republican Party's presidential nomination here on Thursday in a speech extolling the virtues of both oil drilling and green energy.
The Arizona senator received one of his loudest rounds of applause when he lashed out at his Democratic rival, Barack Obama, and characterized the dispute over oil drilling as a matter of international relations and security as well as economics.
"We are going to stop sending $700 billion a year to countries that don't like us very much," McCain said. "We will attack the problem on every front. We will produce more energy at home. We will drill new wells offshore, and we'll drill them now."
He added: "Sen. Obama thinks we can achieve energy independence without more drilling and without more nuclear power. But Americans know better than that. We must use all resources and develop all technologies necessary to rescue our economy from the damage caused by rising oil prices and to restore the health of our planet."
McCain's speech comes a day after Alaska Gov. Sarah Palin, his vice presidential pick, said her state was ready to provide more energy for America. "The fact that drilling won't solve every problem is no excuse to do nothing at all," she said.
McCain went out of his way to tout green technology. In addition to building more nuclear power plants, he said: "We will develop clean coal technology. We will increase the use of wind, tide, solar, and natural gas. We will encourage the development and use of flex fuel, hybrid and electric automobiles."
A comparison of McCain and Obama's energy plans shows that the Republican opposes existing federal government ethanol production targets and would eliminate a tariff on Brazilian ethanol, a move that would expose U.S. producers to more competition. Obama supports the ethanol regulations (one factor that has led to higher corn prices), wants to raise automotive fuel-efficiency rules, and is not willing at the moment to support expanding nuclear power.
Last month, Obama signaled he might be open to new offshore drilling in some circumstances.
The two presidential candidates' energy policies fall along philosophical lines, with Sen. John McCain calling to scale back government ethanol policy and Sen. Barack Obama promising expanded support for renewable energy, according to an analysis published Wednesday.
After examining voting records and public statements, research firm New Energy Finance concluded that there are significant differences between the energy stances of Democratic candidate Obama and Republican candidate McCain.
A McCain White House would favor free-market economics and rein in the role of federal government policy on energy. Obama, meanwhile, would seek a more active role for government in promoting the clean energy industry.
"The fiscally conservative, small government-minded McCain has long eschewed subsidies, earmarks, and heavy regulation, and his energy policy is no exception," according to the report. "By contrast, liberal Obama prefers to have the federal government take a more direct role in the U.S. energy sector."
A summary of the presidential candidates' energy policies, with Barack Obama favoring support of the clean energy industry and John McCain calling for less government assistance. Click to enlarge.
(Credit: New Energy Finance)McCain is opposed to existing federal government ethanol production targets and has said that he would eliminate a tariff on Brazilian ethanol, a move which would expose U.S. producers to more competition.
He also advocates expanded domestic oil drilling and a massive increase in nuclear power plant construction, with the goal of building 45 new reactors by 2030.
In sharp contrast to McCain, Obama's voting record has been solidly behind the renewable energy industry. A Senate effort last year to extend an investment tax credit around solar and wind energy projects failed to pass by one vote; McCain did not vote.
Obama has voted for the investment tax credit, set to lapse at the end of this year, and favors a renewable portfolio standard (RPS), which would mandate that utilities generate 25 percent clean energy by 2025.
Obama supports the continued ethanol mandate and has called for more aggressive fuel-efficiency standards. Obama has not ruled out further expansion of nuclear power but his support is pending new technology development for storage of nuclear wastes, according to New Energy Finance.
Where both candidates align is on the question of regulating greenhouse gas emissions, with both advocating a cap-and-trade system although different methods for auctioning off polluting rights.
Both have proposed expanded research into so-called clean coal technology for storing carbon dioxide emissions from coal plants underground. And both favor tax breaks for fuel-efficient cars.
Regardless of the outcome, U.S. citizens can expect energy and environment to be a center-stage issue during the fall presidential campaign, although paying for any policies once in office will be a challenge.
New Energy Finance applauds various aspects of both candidates policies but argues that McCain's is "incorrect" in believing that the clean energy industry is mature enough to thrive with relatively little government assistance.
Meanwhile, Obama has garnered the support of a number of clean-tech investors because of his policies; high-profile clean energy venture capitalist Nancy Floyd spoke at the Democratic National Convention and endorsed Obama.
New Energy Finance CEO Michael Liebreich summarized their policies this way:
"We expect either a President Obama or a President McCain to pursue more vigorous policies on clean energy and emission reductions than President Bush has done for the last eight years. Obama is arguably being more imaginative, but he is also taking more of a centrally planned approach. McCain's regional approach, and in particular his insistence on tariff reductions, has much to recommend it. But neither candidate has yet put forward a fully comprehensive plan, and we are hoping to see them developing their policies more completely--particularly towards the encouragement of renewable power generation and energy efficiency--during the final few weeks of the campaign."
Presumed Republican presidential nominee John McCain on Monday proposed a $300 million prize to develop a car battery that will "leapfrog" today's plug-in hybrids.
In an energy policy speech at Fresno State University in California, McCain also called for an overhaul to existing policies that favor domestic ethanol production--one of the biggest differences he has with his expected opponent, Senator Barack Obama.
Senator and presidential hopeful John McCain
(Credit: McCain's Senate site)McCain said that, if elected, his administration would issue a Clean Car Challenge that would give give a $5,000 tax credit to people who purchase "zero-emissions cars."
There would be a sliding scale so that vehicles, regardless of type, with lower carbon dioxide emissions will have larger tax credits.
His $300 million car battery prize is meant to spur creativity among automakers to make energy-efficient products.
"This is one dollar for every man, woman, and child in the U.S.--a small price to pay for helping to break the back of our oil dependency--and should deliver a power source at 30 percent of the current costs," he said.
Diverging ethanol plans
In the same speech, McCain repeated his opposition to policies that encourage corn-ethanol and said the U.S. should eliminate a tariff on ethanol from Brazil because it hinders free trade.
He said he would provide incentives to automakers to manufacture flex-fuel vehicles that can run on ethanol or gasoline. He said Brazil, which gets about half of its auto fuel from sugar cane ethanol, has shown that a country can change its fuel mix in just a few years.
"Instead of playing favorites, our government should level the playing field for all alcohol fuels that break the monopoly of gasoline, lowering both gasoline prices and carbon emissions. And this can be done with a simple federal standard to hasten the conversion of all new vehicles in America to flex-fuel technology--allowing drivers to use alcohol fuels instead of gas in their cars," he said.
By contrast, Senator Obama is in favor of continued supportive ethanol policies.
The New York Times on Monday detailed the Illinois senator's close ties to ethanol, including maintaining Tom Daschle, the former Senate majority leader who now serves on the boards of three ethanol companies, as an adviser.
Domestically producing ethanol "ultimately helps our national security, because right now we're sending billions of dollars to some of the most hostile nations on earth," the Times quoted Obama saying during a campaign stop last August.
- prev
- 1
- next
