Talk Radio News Service: News, Politics, Media

The energy policies of Sen. Barack Obama (D-Ill.) and Sen. John McCain (R-Ariz.) were discussed at a conference hosted by the National Journal. In addition, panelists discussed their views of the political climate for legislative action in the coming congress.

Elgie Holstein, senior adviser to the Obama Campaign on energy, stated that both McCain and Obama have endorsed a cap and trade approach to controlling greenhouse gas emissions, believing it to be the most economically friendly way to meet strict greenhouse gas emissions limitations that the campaign is hoping will become a part of national policy. However, the candidates differ in how aggressive they plan to be. Obama hopes to see a reduction of 80 percent below 1990 levels in greenhouse gas emissions by 2050, while McCain would aim for a 60 percent reduction. In addition, Obama plans to auction off credits to companies that choose to continue polluting. Money from these auctions would be used to develop clean-energy technologies and underwrite the labor costs of transitioning to this new technology. McCain would not charge for these pollution credits, though would consider following a plan similar to Obama's years from now.

Douglas Holtz-Eakin, domestic policy adviser to the McCain campaign, described McCain's intention of focusing on the vulnerabilities to our economy, environment and national security that our nation's reliance on foreign oil has caused. Holtz-Eakin stated that this reliance puts us at the mercy of leaders who do not share the same values as the United States, including Vladimir Putin and Hugo Chavez. As such, McCain advocates new oil and gas development on US shores, though not in the Arctic National Wildlife Refuge (ANWR). He also favors research into new technologies to ease this dependence. Conversely, Obama is opposed to offshore exploration, favoring higher auto emissions standards along with a windfall profits tax on oil companies.

Despite their different policy preferences, Holstein noted that for the first time both Democrats and Republicans have acknowledged that environmental issues can no longer be ignored.