Domestic Oil Exploration and Fuel Prices
Sen. John McCain (R-AZ) has kept energy policy in the headlines this week, giving several major speeches laying out his plans to help reduce high gas prices and begin to end U.S. dependence on foreign oil. He has proposed several controversial policy moves, including a $300 million “prize” to whomever can substantially improve car battery technology, a gas tax holiday, and a cap-and-trade system of carbon regulation. McCain has also called for the opening of domestic oil exploration, which he says will “prove to the world that we will no longer be subject to the whims of others than to expand our production capabilities.” But will such exploration significantly lower fuel prices? In a new CFR.org Online Debate, two energy policy experts discuss that question.
For more on the candidates’ energy policy plans, read this CFR.org Issue Tracker on the topic.
