Post-election: Revisiting Obama’s Energy Plan

With President-Elect Barack Obama set to take office in January, we felt it time to revisit the energy plan he proposed during his campaign. Some of the highlights of his 10-year, $150 billion proposed overhaul of the country’s energy system include:

  • The sale of 70 million barrels of crude oil from the Strategic Petroleum Reserve (about 10 percent of the total reserve) to immediately lower gas prices
  • Allowing a "limited amount" of offshore drilling.
  • Economic stimulation through job creation in the industries of clean and renewable fuels, investing $150 billion over the next ten years to achieve that.
  • Putting 1 million Plug-In Hybrids (150 mpg) on the roads, built in America, by 2015.
  • See that 10% of electricity ius derived from renewable sources by the end of his first term in 2012, and 25 % by 2025.
  • By way of an economy-wide cap-and-trade program, reduce greenhouse gas emissions 80 % by 2050.
  • A $7,000 tax credit offered for buying advanced fuel vehicles
  • The weatherization of one million low-income homes annually

His complete energy proposal can be found here. We’re most interested in the number of plug-ins he aims to put on the roads, as well as the substantial tax credit. FutureCars will keep tabs on his proposal after he takes office in January 2009.

Update

Now that President Obama has been sworn in, his energy agenda is posted on the White House web site: The Agenda: Energy and The Environment

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