Obama's Energy Stance as Capricious as the Wind
Today in New Hampshire, Sen. Barack Obama announced a major policy initiative that he said would make the U.S. a global energy leader. His plan echoes those of the other Democratic candidates in the 2008 presidential election, all of whom push for an end to oil subsidies and a move toward alternative energies.
But the plan presents a problem for Obama (D., Ill.) because he voted for the controversial 2005 energy bill. The bill, which gave subsidies to oil firms, was described by Public Citizen as: "The best energy bill the corporations could buy." His support for this legislation -- and funding from energy companies in his campaigns -- calls into question his sincerity.
The PlanEnergy advocates and candidates argue that U.S. dependence on oil has two negative effects. First, oil creates a security problem. Many nations with large oil reserves, including Iran, Saudi Arabia, Russia and Venezuela, do not necessarily share our goals and interests. Second, a failure to diversify stymies scientific progress. Alternative energy could spur investment and create jobs, allowing America to take the lead in an important sector, as we have lead in information technology.
Obama hopes to cure these problems. His plan would introduce a cap-and-trade program to reduce greenhouse gases. He would invest $150 billion in energy over the next 10 years to make the U.S. a global energy leader. Finally, he wants to increase energy efficiency while reducing dependence on foreign oil.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV