Today in New Hampshire, Sen. Barack Obama announced a
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
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.