Statement of Hillary Clinton on High Gas Prices

Hillary Clinton made the following comments on the price of oil nearing $100 a barrel.

"With oil nearing $100 a barrel and gas prices over $3 per gallon, Americans are feeling the pain of seven years of a failed Bush-Cheney energy policy.

Earlier this week, I outlined a comprehensive energy plan that would set a new course for America by reducing our dependence on foreign oil by two thirds. Part of my plan is to eliminate tax breaks for oil companies to create a $50 billion Strategic Energy Fund that would speed the development of clean, domestic energy sources, making Americans less vulnerable to the whims of the world's oil suppliers. But we also need to take immediate steps to address this problem.

I urge the President to release oil from the Strategic Petroleum Reserve and the Northeast Heating Oil Reserve to send a signal to the market and ease concerns about low crude oil stocks that are driving prices higher. I also urge the President to support legislation passed by the Senate this year that would protect consumers by making gasoline markets more transparent and making gas price gouging a federal crime."

Hillary Clinton's plan to promote energy independence, address global warming, and transform our economy includes:

• A new cap-and-trade program that auctions 100% of permits alongside investments to move us on the path towards energy independence;
• An aggressive comprehensive energy efficiency agenda to reduce electricity consumption 20% from projected levels by 2020 by changing the way utilities do business, catalyzing a green building industry, enacting strict appliance efficiency standards, and phasing out incandescent light bulbs;
• A $50 billion Strategic Energy Fund, paid for in part by oil companies, to fund investments in alternative energy. The SEF will finance one-third of the $150 billon ten-year investment in a new energy future contained in this plan;
• Doubling of federal investment in basic energy research, including funding for an ARPA-E, a new research agency modeled on the successful Defense Advanced Research Projects Agency
• Aggressive action to transition our economy toward renewable energy sources, with renewables generating 25% of electricity by 2030 and with 60 billion gallons of home-grown biofuels available for cars and trucks by 2030;
• 10 "Smart Grid City" partnerships to prove the advanced capabilities of smart grid and other advanced demand-reduction technologies, as well as new investment in plug-in hybrid vehicle technologies;
• An increase in fuel efficiency standards to 55 miles per gallon by 2030, and $20 billion of "Green Vehicle Bonds" to help U.S. automakers retool their plants to meet the standards;
• A plan to catalyze a thriving green building industry by investing in green collar jobs and helping to modernize and retrofit 20 million low-income homes to make them more energy efficient;
• A new "Connie Mae" program to make it easier for low and middle-income Americans to buy green homes and invest in green home improvements;
• A requirement that all publicly traded companies report financial risks due to climate change in annual reports filed with the Securities and Exchange Commission; and
• Creation of a "National Energy Council" within the White House to ensure implementation of the plan across the Executive Branch.
• A requirement that all federal buildings designed after January 20, 2009 will be zero emissions buildings.

Read the full plan here.