John McCain believes we should send a strong message to world markets. Under his plan, the United
States will be telling oil producing countries and oil speculators that our dependence on foreign oil will
come to an end – and the impact will be lower prices at the pump.
John McCain believes we should institute a summer gas tax holiday. Hard-working American families
are suffering from higher gasoline prices. John McCain called on Congress to suspend the 18.4 cent
federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day.
John McCain will repeal the 54 cents per gallon tax on imported sugar-based ethanol, increasing
competition, and lowering prices of gasoline at the pump.
John McCain will roll back corn-based ethanol mandates, which are contributing to the rising cost of
food.
John McCain's Lexington Project will address the rising costs of energy that are hurting small businesses.
He strongly supports increased domestic exploration of oil and natural gas. This will send a strong signal
to oil markets that future supplies will be more plentiful, countering the rise in oil prices. The market for
natural gas is less internationally integrated than that of oil – increased domestic production will lower the
cost of this key energy source.
The Project will transform electricity generation. John McCain has set the goal of building 45 new nuclear
power plants by 2030 – creating 700,000 jobs and providing cheap electricity. It will provide incentives for
the production of electricity from renewable sources. Finally, the Lexington Project will devote $2 billion
annually to research that will allow the clean use of our most plentiful and low-cost energy source: coal.
John McCain will commit our country to expanding domestic oil and natural gas exploration. The current
federal moratorium on drilling in the Outer Continental Shelf stands in the way of energy exploration and
production. John McCain believes it is time for the federal government to lift these restrictions and work
with states to put our own reserves to use. There is no easier or more direct way to prove to the world that
we will no longer be subject to the whims of others than to expand our production capabilities.
We have trillions of dollars worth of oil and gas reserves in the U.S. at a time we are exporting hundreds
of billions of dollars a year overseas to buy energy. This is the largest transfer of wealth in the history of
mankind. We should keep more of our dollars here in the U.S., lessen our foreign dependency, increase
our domestic supplies, and reduce our trade deficit – 41 percent of which is due to oil imports. John
McCain proposes to cooperate with the states and the Department of Defense in the decisions to develop
these resources.
John McCain believes we must understand the role speculation is playing in our soaring energy prices.
Congress already has investigations underway to examine this kind of wagering in our energy markets,
unrelated to any kind of productive commerce, because it can distort the market, drive prices beyond
rational limits, and put the investments and pensions of millions of Americans at risk. John McCain
believes that where we find abuses, they need to be swiftly punished. To make sure it never happens
again, we must reform the laws and regulations governing the oil futures market, so that they are just as
clear and effective as the rules applied to stocks, bonds, and other financial instruments.
