Showing posts for "Energy Policy"
Sen. Barack Obama (D-IL) won a resounding victory over Sen. John McCain (R-AZ) on Tuesday, leading an electoral surge (Politico) that gave Democrats the White House and strong majorities in both chambers of Congress. Obama finished his nearly two-year run by making history as the first African-American to become president, riding a message of change and reform that resonated with a country on the brink of recession and engaged in two wars. The election drew huge turnouts and exit polls showed the economy was the top issue (WSJ) for nearly two-thirds of voters. Iraq and terrorism trailed far behind the economy as concerns, each chosen by 10 percent of voters as the top issue. In 2004, U.S. voters rated both terrorism and the economy equally as their leading concerns.
Sen. John McCain (R-AZ) told a Florida crowd that national security dangers lurk and should not be ignored amid the financial crisis. He mentioned as one potential crisis “the success of the Iranian regime in its program of acquiring nuclear weapons,” which he said could threaten Israel or spark “an uncontrollable nuclear arms race across the region.”
“The price of oil is declining largely because of the market’s expectation of a broad recession that would lower demand. This is hardly a good sign of things to come, and should only add to our sense of urgency in gaining energy independence. When our economy recovers, and growth once again creates new demand, we could run into the same brick wall of rising oil and gasoline prices — and now is the time to make sure that doesn’t happen. In Washington, we can view this period of lower oil prices as just one more chance to make excuses — and on the problem of energy security, we’ve heard enough excuses. Or we can view it as an opportunity to finally confront the problem.” Read more »
Sen. Barack Obama (D-IL) held a summit on jobs (McClatchy). Obama attacked the Bush administration for failing to address the impact of the economic crisis on “Main Street.” Google CEO Eric Schmidt, who spoke at the summit, called for an investment in a “smart” power grid and new alternative energy concepts (WSJ).
USA Today reports on differences between Sen. John McCain (R-AZ) and Sen. Barack Obama (D-IL) over tax policy for oil companies. Obama would create a windfall profits tax on the companies, while McCain would implement a cut in the corporate income tax rate that could save oil companies billions of dollars each year.
In their second debate, U.S. presidential candidates Sens. John McCain (R-AZ) and Barack Obama (D-IL) sparred over the limping U.S. economy and energy policy; both tied the country’s recovery to the latter. Obama faulted McCain for a record of deregulation that he said has contributed to the current crisis; McCain, for his part, presented a new economic proposal under which the U.S. Treasury would buy up problem mortgages, in effect refinancing them (NYT) at prices homeowners can afford. The Wall Street Journal cites McCain’s campaign as saying the plan would cost roughly $300 billion. Opinion surveys have shown respondents more confident in Obama’s ability to handle an economic crisis.