I don't know.
These plans seem fairly reasonable to me
Enact a Windfall Profits Tax on the Top Grossing Oil Companies and Ease the Burden on American Families: The oil industry has profited greatly—over $150 billion in 2007—due to global instability fueled by conflict in Iraq, failing domestic fiscal policies that have weakened the U.S. dollar and skyrocketing global demand resulting from a lack of investment in alternatives. Barack Obama supports imposing a windfall profits penalty on oil selling at or over $80 per barrel. Revenue from the proposal will be invested in a number of measures to reduce the burden of rising prices on families.
“Windfall” Profits Tax on Oil Would Slow Flow: Newsroom: The Independent Institute
In 1980, President Carter signed into law the Crude Oil Windfall Profit Tax Act, which established excise taxes as high as 70 percent on the difference between the market-determined price of oil and a (lower) price set by law. The tax was dropped in 1987, but according to the Congressional Research Service, almost $80 billion was drained from the industryÂ’s income statements while it was in effect.
Money that could have been invested in new oil and gas production and to expand refining capacity was instead diverted to Washington. It should come as no surprise that oil production fell. In fact, 1.6 billion fewer barrels of crude oil were produced in the United States from 1980 to 1987 than would have been produced otherwise. American dependence on foreign oil rose apace.
Crack Down on Excessive Energy Speculation
Fully Close the “Enron Loophole”. One of the reasons our energy market is particularly vulnerable to excessive speculation is the so-called “Enron Loophole” which prevents the Commodity Futures Trading Commission (CFTC) from fully overseeing the oil futures market. As president, Barack Obama will fully close the Enron loophole by requiring that U.S. energy futures trade on regulated exchange to crack down on any excessive speculation in the energy market.
Ensure That U.S. Energy Futures Cannot be Traded on Unregulated Offshore Exchanges. Barack Obama will limit the price impacts of excessive speculation by preventing traders of U.S. crude oil from routing their transactions through off-shore markets in order to evade speculation limits and also impose reporting requirements.
Work with Other Countries to Coordinate Regulation of Oil Futures Markets. Barack Obama believes we must work with our other countries to establish uniform approaches to avoiding excessive speculation in commodities futures markets. This effort will help ensure that as the U.S. strengthens oversight and transparency in U.S. exchanges, these efforts are not undermined by overseas trading subject to lax regulations.
Call on the Federal Trade Commission and Department of Justice to Vigorously Investigate Market Manipulation in Oil Futures. Barack Obama does not believe we cannot afford to wait weeks and months more to vigorously investigate whether energy traders and oil companies manipulating the market at the expense of consumers. He is calling on the FTC to immediately expedite its investigation into market manipulation, including in the oil futures markets.
Speculators aren't driving up oil prices, report finds - International Herald Tribune
As Congress debates how to curtail the role of speculators and rein in rising oil prices, a U.S. government task force said Tuesday that it had so far found no evidence that those investors are systematically pushing up the cost of energy.
Instead, in an interim report made public on Tuesday, the task force said that its research "does not support the hypothesis that the activity of these groups is driving prices higher."
The preliminary study concluded that the rise in oil prices over the last five years was "largely due" to fundamental factors like rapidly rising consumption and sluggish growth in energy supplies worldwide.
Support Next Generation Biofuels
Deploy Cellulosic Ethanol: Obama will invest federal resources, including tax incentives, cash prizes and government contracts into developing the most promising technologies with the goal of getting the first two billion gallons of cellulosic ethanol into the system by 2013.
Expand Locally-Owned Biofuel Refineries: Less than 10 percent of new ethanol production today is from farmer-owned refineries. New ethanol refineries help jumpstart rural economies. Obama will create a number of incentives for local communities to invest in their biofuels refineries.
Establish a National Low Carbon Fuel Standard: Barack Obama will establish a National Low Carbon Fuel Standard to speed the introduction of low-carbon non-petroleum fuels. The standard requires fuels suppliers to reduce the carbon their fuel emits by ten percent by 2020.
Increase Renewable Fuel Standard: Obama will require 36 billion gallons of renewable fuels to be included in the fuel supply by 2022 and will increase that to at least 60 billion gallons of advanced biofuels like cellulosic ethanol by 2030.
Set America on Path to Oil Independence
ReviewJournal.com - Opinion - We need real energy solutions that address supply and demand
Growing our American energy supply is critical to this equation. We have to infuse American energy into our marketplace -- it will lower fuel prices and remove us from the grip of countries that hate us but to whom we pay $700 billion a year for oil. We are facing a problem of supply and demand where, simply put, we use more than we have. But with trillions of barrels of oil right here in the United States and under our control -- not in Saudi Arabia or Venezuela or some other country where many people hate us -- energy independence can be a reality.
We have at least 10 billion barrels of oil in ANWR, 8.5 billion barrels in deep sea exploration and more than a trillion barrels from oil shale in Colorado, Utah and Wyoming. We also have a 230-year supply of coal and great potential in nuclear energy. These changes would lower prices and would do so quickly because the market will react to expected supply increases. And the American people would react to the fact that we have shown vision and accomplished something for their good.
That's the reason Obama doesn't have a reasonable energy policy...
