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Presidential candidates' gasoline strategies

Sunday, May 18, 2008

What would the leading candidates for president do to cut fuel costs and improve fuel efficiency?

Extras

Democrat Hillary Clinton

• Would impose a windfall profit tax on oil companies and use the proceeds to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.

• Would close $7.5 billion in oil and gas loopholes and use the funds to provide assistance for lower-income families to pay their energy and grocery bills.

• Would crack down on speculation by energy traders and market manipulation in oil and gas markets that are driving up the price of oil by at least $20 a barrel.

• Would pressure OPEC to increase oil production, including by filing a WTO complaint against OPEC countries.

• Would increase fuel efficiency standards to 55 miles per gallon by 2030 to reduce U.S. oil consumption. She'd help automakers make the transition to more fuel efficient vehicles this with $20 billion in "Green Vehicle Bonds."

• Would suspend filling the Strategic Petroleum Reserve to reduce demand on oil and be willing to release oil to counter market spikes and reduce volatility.

• Would work for alternative sources of fuel, including alternative fuels, nuclear fuels and wind power. Would invest $150 billion over 10 years in research, development and deployment of alternative energy sources, including a $50 billion Strategic Energy Fund, paid for by oil companies.

• Aims to cut foreign oil imports by two-thirds from 2030 projected levels.

Republican John McCain

• Would call for Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.

• Would temporarily suspend filling the Strategic Petroleum Reserve to reduce demand on oil.

• Would work for alternative sources of fuel, including alternative fuels, nuclear fuels and wind power. Does not support subsidies on ethanol.

• Would focus on technological innovations and work with states to increase domestic oil production to reduce reliance on foreign oil, but has not named goals for how much to reduce reliance.

• Says he will work for higher fuel-efficiency standards, but has not set specific goals. Said he will work with "stakeholders" and Congress for "achievable and appropriate" standards.

Democrat Barack Obama

• Would invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, increase commercialization of plug-in hybrids, promote development of commercial-scale renewable energy, invest in low-emissions coal plants, and begin the transition to a new digital electricity grid.

• By 2025, would require 25 percent of electricity consumed in the U.S. be derived from clean, sustainable energy costs.

• Would double fuel economy standards within 18 years, retool tax credits and loan guarantees for domestic auto plants and parts manufacturers, so that American workers can build new fuel-efficient cars rather than overseas workers.

• Would investigate energy industry activities for market manipulation or price-gouging.

• Would temporarily suspend filling the Strategic Petroleum Reserve to reduce demand on oil.

• Aims to reduce overall oil consumption by at least 35 percent by 2030.

• Does not support suspension of 18.4 cent federal gas tax and 24.4 cent diesel this summer, saying a similar suspension backfired in Illinois because the savings were not passed onto consumers. Instead would offer $1,000 tax cut for middle-class families.

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