Advancing existing technology, developing renewable sources of bio fuel (and I use sugar as an example) that will not drain the food chain, and consevation to reduce demand will help now.

Funding these projects as well as re-vitalizing infrastructure projects can come from windfall profit taxes on the oil companies and savings from reduced activity in Iraq.

There are millions of fossil fuel vehicles that can be converted. Production and instillation of these (conversion kits) as well as developing the alternitive technology plus the infrastructure repairs creates jobs. Americans working, free from oil dependency seems like a huge step in the right direction to me.

These measures can be effective in the near future, not 7-10 years which is what the new off shore drilling will take. Elimination from oil dependency, not continuing it should be the goal. If the oil companies think they will not be able to sell the oil the price will go down, lets face it , they are in it for the money.

Do not be surprised to find the oil companies trying to obtain the rights to this technology to prolong our dependency or developing it themselves.

Furthermore, check this clash videos I found yesterday about the US Presidential candidates have talked taxes. Well, it’s entitled Obama v. McCain on Taxes. Watch these statements – then vote in http://clashorama.com/index.php?id=194

Here’s more:

Over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.

These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.

Further, according to the Congressional Research Service (CRS), the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.

Do your homework, BO.

Foreign interest now almost holds more stocks and bonds than Americans not to mention a large percentage of what little manufacturing we still do. We have been basically been reduced to a nation of salesmen for other nations that are scooping up America in monumental proportions.

So, what do I think about Obama’s economic plans? Let’s see, he wants to penalize business that make profits, raise taxes on the bad business that employ America, and stifle energy exploration and growth in the name of conservation. All of this being “quarterbacked” by a two-year Legislator who is yet to even chair a committee in Washington… Hmm that’s a hard one.

It’s kind of a grey area. If you listen to the interview I linked to in the post, the tax historian says they would use some sort of benchmark and then anything over that would be considered “windfall.”

I’m with you though, I HATE THE TERM! All it will do is encourage companies to hide stuff.

As for Obama’s energy plan… How does giving people $1,000 increase production or decrease demand?

Like it or not, a large part of the problem is simple supply and demand. Vilifying “big oil” doesn’t do a thing to increase production, limit demand or bring about alternative energy.

Let’s suppose Obama is elected and we all get $1,000 to ease our suffering. That would probably help offset some of the rise in oil/gas over the past two years. what happens when prices continue to rise? If OPEC is really controlling the price, wouldn’t they just increase it because now people have more money to spend on gas? at one point does he run out of money to give? And what happens when we do eventually run out of oil?

This is not a plan, it’s simply rhetoric designed to distract the voters from solving the problem.