Obama: $7k credit for fuel-efficient cars, calls for 1-million plug-in hybrids by 2015

Posted: Aug 05, 2008
Filed under: Industry News

Obama has proposed to tap into the strategic oil reserve to help lower current gas-prices and called McCain a tool of big oil companies as rising energy cost becomes a hot debut in the U.S. presidential campaign. Obama said he is calling for a $7,000 tax credit to help consumers purchase more fuel-efficient cars.

The Democratic nominee is setting a goal of 1 million plug-in hybrid cars on U.S. roads by 2015 and is proposing a requirement that calls for 10 percent of U.S. energy to come from renewable sources by the end of his 1st presidential term.

Obama is proposing to release 70 million barrels of light oil from the emergency U.S. stockpile to help bring down fuel-prices. He said the the light oil could later be replaced with heavier crude oil after a quick relief.

 

Source: Automotive News (Subscription Required)

Related Posts:

  1. GM will work hard to meet Obama’s goal of one-million plug-in hybrids and EVs by 2015
  2. Obama to unveil new fuel-economy standards tomorrow, calls for 35 mpg by 2016
  3. Obama pitches for 1 million plug-in hybrids by 2015, promotes $2 billion grant
  4. New fuel-economy standard calls for 31.6mpg by 2015
  5. Study: Wide use of plug-in hybrids could equal removing 82 million cars

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  • DadzBoyz
    Neither candidate, as president, would have authority to mandate these things. Additionally, how do you measure any of these toothless mandates even if they were put in place? How do you measure whether 10 percent of U.S. energy is coming from renewable sources? You can't.
    I love all of these promises to spend money on things. My money. Your money. Money they don't have. Of course, that never stopped them before. Yes.
    From the people that brought you those huge hits "Social Security" and "Medicare" comes "Government Mandated Energy" and "Universal Healthcare".
    The Federal Government needs to provide for the public defense, stop fooling about in our lives through BS programs, and pave the roads that they currently ignore.
    Then again, that's just one man's opinion.
  • Bobmarley
    So true! Hopefully some of the Obama supporters will snap out of their ignorance and think for a second about what they are actually supporting. Oboma 08 = Oboma for socialist idiots
  • Tony
    What policies in particular are you talking about?
  • Bobmarley
    Nationalized healthcare

    He wants to stop spending money trying to fix Iraq but wants to spend $210 Billion on a Global Poverty Act? (look it up, its full of BS)

    He promised to take oil profits and give them to the states and working families. Oil profit margins are only 7-11%, the company I work for along with many others easily double that. Then he wants oil companies to spend more on alternative energy? Their “Oil” companies!!! Since when did the government have authority to tell companies what to invest their money in?

    His tax plan, he wants to raise taxes on “high income” earners aka small business’. This consist of $250k or more in income = 2/3 of small business. Under Obama’s plan S corporation rates would raise from 35 to 39.6% and Sole Proprietor and Partner rates would rise from 37.9 to 50.3%. Small business will suffer along with federal tax revenues etc etc… this is a recipe for recession in an already slowed economy.
  • Jacob
    Where are those hybrid batteries going to end up at??

    A landfill?? At the bottom of the ocean?? Next to some nuclear waste in the desert after we had to pay to clean up a private power plant??
  • DC
    OBAMA '08!!!!!!!!!!
  • DadzBoyz
    Obama is just a hair right of Joseph Stalin in terms of policy.
    If you like Obama, you'll love Castro. And he's so close. Just 90 miles south. Hop a boat. Maybe if you get one big enough, maybe you could take Michael Moore with you.
  • Bobmarley
    ...AKA SOCIALIST IDIOT 08!!!!

    where is he going to get the $7k from?
  • Tony
    the same place McCain would get the money for his NEVER-ENDING WAR
  • Bobmarley
    It's not "McCains war", whoever is elected will inherit the war. And i agree the money is coming from the same place as the war, which is a bad thing! You said it yourself!

    This is a great example of a Obama trying to appeal to the uninformed masses that do not think past the "FREE $7k" that they the consumers (along with those that don’t purchase these cars) will be paying for themselves in higher taxes. If your for redistribution of wealth and a socialist gov. then move!!! Or vote for the lesser evil (McCain)
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