IN SHORT TERM
• Emergency energy rebates of $500 for individuals, $1,000 for married couples, financed by oil companies' recent record-breaking profits.
• Crackdown on excessive energy speculation by closing loopholes and increasing transparency.
• Release of light crude oil from Strategic Petroleum Reserve to cut gasoline prices; oil to be replaced later with heavy crude more suited to long-term needs.
IN LONGER TERM
• Within 10 years, save more oil than currently imported.
• Invest $150 billion over 10 years to boost private efforts in clean energy.
• Employ an economy-wide cap-and-trade program to reduce greenhouse gas emissions by 80 percent by 2050.
• Increase fuel economy standards 4 percent a year. Paired with $4 billion in tax credits for U.S. automakers so those cars can be made domestically.
• Put 1 million plug-in hybrid vehicles on the road by 2015. Also mandate that all new vehicles have flex-fuel capability.
• Ensure 10 percent of electricity comes from renewable resources by 2012 and 25 percent by 2025.
• Require oil companies to drill on existing leases or surrender them so another company can drill.
Source: Obama campaign
