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Press Release - "In Case You Missed It": McCain Campaign Conference Call On Barack Obama's Energy Policy

June 24, 2008

"In addition to being the Dr. No of energy policy, Barack Obama also has revealed he doesn't understand the fundamentals of a modern financial market and how it's a usual way to convey information to participants in our economy." -- Doug Holtz-Eakin

ARLINGTON, VA -- Today, Senator Richard Burr (R-NC) and senior policy adviser Doug Holtz-Eakin held a conference call on Barack Obama's energy policy:

Senator Richard Burr On Energy Policy:

Senator Richard Burr: "You know, once again, Senator Obama has come out. And he's only made one proposal on energy. He wanted an economic stimulus to help the price of gas, and to pay for that he offered a windfall profits tax that, quite frankly, reduces our supply and increases the price. It's ludicrous even on the surface, but on top of that he's reemphasized his opposition to short-term tax relief for American families. He continues to oppose any additional exploration attempts domestically by the country. He has expressed an opposition to any expansion of nuclear generation capacity.

"And amazingly, he has opposed John McCain's visionary proposal of a $300 million prize for a change in battery technology that allows U.S. consumers to move to products that are not reliant on petroleum for the future, which address a dependency issue and an emissions issue that John McCain takes very seriously.

"On the other side, I would sum up a very detailed plan that Senator McCain continues to unveil around the country this way, that it's important that we increase supply. It is important that we reduce consumption. It is absolutely essential that we become energy independent, and I think that's a stark difference from where Senator Obama has suggested our energy policy should go.

"I'm not sure that he's done anything other than mirror the inaction of the Democrat majority in the Congress. This is a time that we need leadership, and what John McCain has displayed is a tremendous amount of vision and leadership, as he's laid out an energy plan for this country at a very, very challenging time for the American people."

McCain Spokesman Brian Rogers On Barack Obama's "Dr. No" Energy Policy:

Brian Rogers: "I would just say, on the batteries issue, it's just very clear at this point that Senator Obama is Dr. No on energy security. Today, it was 'no' on the $300 million for a new kind of batter. Before, it was 'no' on further exploration or the possibility of further exploration off our coasts. It was 'no' on gas tax relief that could help this summer families that are hurting. It's 'no' on expanded nuclear power, you know, investments that we can make. So we think we're seeing a pattern here."

Doug Holtz-Eakin On The $300 Million Battery Prize:

Doug Holtz-Eakin: "I'd just like to point out that one of the things that even those at the Hamilton Project, whose former director is Jason Furman, have noted is that government grants, paid-for research, even when it's unsuccessful -- and what Senator McCain has done is to use the resources of the U.S. government to take $300 million of the taxpayers' money and make it available to these successful private sector entrepreneurs who deliver the leapfrog technology, and rapidly take this country away from a dangerous reliance on oil, and stops the payment to those regimes who do not support our values, in some cases fund those who try to harm us."

Doug Holtz-Eakin On The Impact Of Committing To Offshore Drilling:

Doug Holtz-Eakin: "In addition to being the Dr. No of energy policy, Barack Obama also has revealed he doesn't understand the fundamentals of a modern financial market and how it's a usual way to convey information to participants in our economy.

"He dismissed Senator McCain's observation that by making a commitment to expanding domestic exploration, increasing the availability of oil over the five to eight years, that we could have some immediate impact.

"Futures markets participants understand the real demand for oil that comes from not just U.S. industry, but the global economy. They understand that the supply of oil from the U.S. and other sources. And they understand that efforts to increase supply are going to affect future prices and immediately begin to take into account not only those direct impacts, but the kinds of ancillary incentives that are set up (ph) by competitors to oil, by those that would like to maintain a market share when the U.S. is trying to expand its production, and they will react, as well.

"Futures markets participants are sophisticated processors of information. And all of their psychology is about understanding the kind of a commitment that Senator McCain is making to having a U.S. that seizes control of its energy future and does not cede it to those regimes in the Middle East who, in the past, have used oil as a weapon against us."

Listen To The Full Conference Call

John McCain, Press Release - "In Case You Missed It": McCain Campaign Conference Call On Barack Obama's Energy Policy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/291725

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