Wall Street Journal analyzes McCain energy policy

The Wall Street Journal profiled the McCain energy policy, including his support for increased oil drilling except in the Arctic National Wildlife Refuge, and support for subsidies to nuclear and clean-coal technologies, but not for biofuels, solar or wind. The report also discusses his support for cap-and-trade emissions legislation, including the proposed McCain cap and trade bill of 2003, along with the Senator’s opposition to the recently failed Warner-Lieberman bill.

McCain background

The Washington Times provides a report on Senator John McCain’s energy plan, concluding that the plan discourages use of Canadian oil and will increases US demand for Middle Eastern oil. The carbon content of Canadian oil does not meet the low carbon standard that Senator McCain embraced, based on the California Low Carbon Standard introduced by Gov. Arnold Schwartzenegger.

“The concept behind California’s Low-Carbon Fuel Standard,” McCain campaign spokesman Brian Rogers told the Times, “is to use less oil in our transportation sector. Canada joined in to this agreement self-imposing emissions standards on the extracting of their oil resources. Ultimately, an international cap and trade system will allow us to regularize the system by which countries offset and reduce their emissions, but in the short term we should look for a cleaner and more efficient way to extra to oil resources from the tar sands.”

In Missouri, Senator John McCain of Arizona outlined the centerpiece of his new energy policy by calling for the construction of 45 new nuclear reactors by 2030 and said he would earmark $2 billion for the development of clean coal technology. McCain said “Perhaps no advancement in energy technology could mean more to America than the clean burning of coal and the capture and storage of carbon emissions.” McCain expressed support for offshore drilling earlier this week.

Senator McCain said that he supports the ending of ethanol subsidies, would back a repeal of the ethanol tariff, and would support the inclusion of Brazil and India into a larger G8 group. McCain was quoted in Estato de Sao Paulo saying that he favors the removal of Russia from the G8.

McCain on policy: “The straightest, swiftest path to energy security is to produce more, use less, and find new sources of power. In the face of climate change and other serious challenges, energy conservation is no longer just a moral luxury or a personal virtue. Conservation serves a critical national goal. Over time, we must shift our entire energy economy toward a sustainable mix of new and cleaner power sources. Quite rightly, I believe, we confer a special status on some areas of our country that are best left undisturbed. When America set aside the Arctic National Wildlife Refuge, we called it a “refuge” for a reason. We have proven oil reserves of at least 21 billion barrels in the United States. But a broad federal moratorium stands in the way of energy exploration and production. And I believe it is time for the federal government to lift these restrictions and to put our own reserves to use.I believe it is time for the federal government to lift these restrictions and to put our own reserves to use. We can do this in ways that are consistent with sensible standards of environmental protection.”

Recently, Sen. McCain, who introduced the first proposed cap-and-trade bill in the Senate in 2003, said: “The facts of global warming demand our urgent attention, especially in Washington. Good stewardship, prudence, and simple common sense demand that we act to meet the challenge, and act quickly,” he said. “I will not shirk the mantle of leadership that the United States bears. I will not permit eight long years to pass without serious action on serious challenges. Those who want clean coal technology, more wind and solar, nuclear power, biomass and bio-fuels will have their opportunity through a new market that rewards those and other innovations in clean energy.” McCain was speaking at the Vestas Wind Technology plant in Portland, Oregon.

Earlier this year, Sen. McCain led a revolt of 24 Senate Republicans have asked the EPA to waive, or restructure, the Renewable Fuel Standard passed in December. In a statement, Sen. John McCain said that “This subsidized (ethanol) program, paid for by taxpayer dollars, has contributed to pain at the cash register, at the dining room table, and a devastating food crisis throughout the world.” The Senators said that waiving the ethanol mandate would encourage farmers to grow other crops, as opposed to growing corn for food markets.

John McCain’s environmental record and policies are profiled in an investors.com article. The article focuses on his conversion to environmentalism after the 2000 elections, and his sponsorship of cap-and-trade legislation in 2003, 2005 and 2007 with Senator Joe Lieberman. The current bill would limit emissions among commercial & industrial users to 2004 levels by 2012 and moved down steadily until 2050. McCain favors an auction of emission certificates in his cap-and-trade proposal.

McCain vs Obama comparison

A comparison of the Obama and McCain approach to renewable energy was published in the Wall Street Journal. Among highlights: McCain support for renewable energy investment, but record of limited support for mandates and incentives; McCain opposition to the Brazilian ethanol tariff; Obama’s $150 billion investment plan in alternative fuels; Obama support for a 25 percent mandate for alternative energy from electricity by 2025; McCain’s support of incentives for nuclear energy. Obama supports an 80 percent emissions reduction by 2050, while McCain targets 60 percent (based on 1990 levels).

The Miami Herald published a comparison of the climate change policies of the key remaining US Presidential candidates.

Emission caps: Obama, McCain

Higher fuel efficiency standards: Obama

Pro nuclear power: McCain

Mandates and inentives for ethanol: Obama

Hybrid car development: McCain, Obama

Ethanol tariff repeal: McCain

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