Understanding Barack Obama’s Energy Plan
Barack Hussein Obama II is the President-elect of the United States and the first African American to be elected President of the United States. Obama was the junior United States Senator from Illinois from 2005 until he resigned on November 16, 2008, following his election to the Presidency.
In his New Energy for America plan, Obama proposes to reduce overall U.S. oil consumption by at least 35%, or 10 million barrels per day, by 2030 in order to offset imports from OPEC nations. Obama voted in favor of the Energy Policy Act of 2005, which provided incentives (chiefly tax breaks) to reduce national consumption of energy and to encourage a wide range of alternative energy sources. It also resulted in a net tax increase on oil companies.
Some of the highlights of Barack Obama’s Energy Plan include:
• Provide short-term relief to American families facing pain at the pump;
• Help create five million new jobs by strategically investing $150 billion over the
next ten years to catalyze private efforts to build a clean energy future; and
• Within 10 years save more oil than the U.S. currently imports from the Middle East and Venezuela combined.
This report takes a look at what energy changes Obama has in store for the United States of America.