Provide Short-term Relief to American Families
Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families.
Obama and Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
Crack Down on Excessive Energy Speculation.
Barack Obama and Joe Biden will close energy industry market loopholes and increase transparency to prevent traders from unfairly lining their pockets, while driving up oil prices at the expense of the American people.
Swap Oil from the Strategic Petroleum Reserve to Cut Prices.
With oil prices doubling in the past year, Barack Obama and Joe Biden believe we have an economic emergency that requires a limited, responsible swap of light oil from the Strategic Petroleum Reserve (SPR) for heavy crude oil to help bring down prices at the pump.
Eliminate Our Current Imports from the Middle East and Venezuela within 10 Years
Increase Fuel Economy Standards.
Obama and Biden will increase fuel economy standards 4 percent per year while providing $4 billion for domestic automakers to retool their manufacturing facilities in America to produce these vehicles.
Get 1 Million Plug-In Hybrid Cars on the Road by 2015.
These vehicles can get up to 150 miles per gallon. Barack Obama and Joe Biden believe we should work to ensure these cars are built here in America, instead of factories overseas.
Create a New $7,000 Tax Credit for Purchasing Advanced Vehicles.
Establish a National Low Carbon Fuel Standard.
Obama and Biden will establish a National Low Carbon Fuel Standard (LCFS) to reduce the carbon in our fuels 10 percent by 2020. Obama and Biden will also require 60 billion gallons of advanced biofuels to be phased into our fuel supply by 2030.
A “Use it or Lose It” Approach to Existing Oil and Gas Leases.
Obama and Biden will require oil companies to develop the 68 million acres of land (over 40 million of which are offshore) which they have already leased and are not drilling on.
Promote the Responsible Domestic Production of Oil and Natural Gas.
An Obama-Biden administration will establish a process for early identification of any infrastructure obstacles/shortages or possible federal permitting process delays to drilling in the Bakken Shale formation, the Barnett shale formation, and the National Petroleum Reserve-Alaska.
Create Millions of New Green Jobs
Ensure 10 percent of Our Electricity Comes from Renewable Sources by 2012, and 25 percent by 2025.
Deploy the Cheapest, Cleanest, Fastest Energy Source -- Energy Efficiency.
Obama and Biden will set an aggressive energy efficiency goal -- to reduce electricity demand 15 percent from projected levels by 2020.
Weatherize One Million Homes Annually.
Obama and Biden will make a national commitment to weatherize at least one million low-income homes each year for the next decade, which can reduce energy usage across the economy and help moderate energy prices for all.
Develop and Deploy Clean Coal Technology.
Obama’s Department of Energy will enter into public private partnerships to develop five “first-of-a-kind” commercial scale coal-fired plants with clean carbon capture and sequestration technology.
Prioritize the Construction of the Alaska Natural Gas Pipeline.
As president, Obama will work with stakeholders to facilitate construction of the pipeline. Not only is this pipeline critical to our energy security, it will create thousands of new jobs.
Reduce our Greenhouse Gas Emissions 80 Percent by 2050
Implement an economy-wide cap-and-trade program to reduce greenhouse gas emissions 80 percent by 2050.
The Obama-Biden cap-and-trade policy will require all pollution credits to be auctioned, and proceeds will go to investments in a clean energy future, habitat protections, and rebates and other transition relief for families.
Make the U.S. a Leader on Climate Change.
Obama and Biden will re-engage with the U.N. Framework Convention on Climate Change (UNFCC) -- the main international forum dedicated to addressing the climate problem. They will also create a Global Energy Forum of the world’s largest emitters to focus exclusively on global energy and environmental issues.
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