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

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)