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Clinton: Short-term solution is just the beginning 11-05-2008 9:44 pm

 

Hillary Clinton

May 11, 2008

In 2005, Congress voted on the Bush-Cheney energy bill that handed billions of dollars of taxpayer subsidies to oil companies that were already swimming in record profits.

I voted against the Bush-Cheney energy bill; Sen. Obama voted for it. I have proposed returning oil company profits to hard-hit taxpayers by making the oil companies pay your gas tax for the summer; Sen. Obama wants the oil companies to keep your money, despite their record profits.

I think this issue speaks to how each of us relates to the America we see.

What I see as I travel around the country are millions of Americans who are reeling from sky-high prices at the gas pump. Right here in Oregon, where the oil companies have traditionally kept prices higher than in other regions, a gallon of gas costs $3.66. That's up 24 cents from just a month ago.

Meanwhile, the average family's heating costs have gone up $2,000 a year since President Bush took office. Oregonians are struggling to pay for their commute to work and trips to the grocery store, and now have to think twice before using gas to take their kids to soccer practice and other once-routine activities.

Meanwhile, these record oil prices are making food prices rise and straining family budgets like we haven't seen in years.

To help working families, I have proposed suspending the gas tax for the peak summer months, and paying for it with a windfall profits tax on oil companies. Some critics have attacked this proposal and say that the $70 it would save the average family is meaningless.

I'll let Oregon families decide who should pay the gas tax this summer.

Making the oil companies responsible for the gas tax is only one small piece of my overall plan to cut skyrocketing energy costs in the short term and stand up for working Americans. I plan to close $7.5 billion in oil and gas loopholes and use the extra funding for assistance for lower-income families who are struggling to pay for their energy and grocery bills.

I will also crack down on market speculation by energy traders and market manipulation in oil and gas markets that is increasing the price of oil by up to $20 a barrel. I will press OPEC to increase oil production, which will help lower costs further. And I will stop adding oil to the Strategic Petroleum Reserve and stand ready to release oil to counter market spikes and reduce volatility in the market.

The real solution to the nation's energy woes will be found in the types of long-term actions that must be taken to finally move our country to energy independence.

My solution starts with investing in green technologies. Setting ambitious targets, my plan includes a cap-and-trade system for carbon emissions and would reduce greenhouse gas emissions by 80 percent from 1990 levels by 2050. I have proposed an aggressive plan to increase fuel efficiency standards to 55 miles per gallon by 2030 and to help automakers retool their production facilities through $20 billion in "Green Vehicle Bonds."

I also plan to create a$50 billion Strategic Energy Fund to fund research into alternative energy and to double investment in basic energy research.

These are just some of the forward-looking responsibilities President Bush and others avoided in passing the 2005 energy bill. Taken together, these steps will unleash a wave of innovation that will dramatically lessen our dependence on foreign oil and bring down energy prices.

As for my short-term proposal to make the oil companies responsible for paying your gas tax for the summer, the question boils down to this: Should the oil companies pay the gas tax this summer or should you?

Sen. Hillary Clinton of New York is a Democratic candidate for president.

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