Obama today unveiled his new energy plan. While reversing himself on “limited new offshore drilling” and tapping the nation’s emergency oil stockpile, he also has called for a policy that provides $1,000 energy rebates and invests in renewable energy. A move that is sure to recieve both cheers and jeers.
In a speech in Michigan, Obama also endorsed long-term work on hybrid cars and renewable energy sources. In his speech Obama stated, “Breaking our oil addiction is one of the greatest challenges our generation will ever face, It will take nothing less than a complete transformation of our economy,”
Obama has called for the release of 70 million barrels of oil from the emergency oil stockpile, and has stated that releasing oil for the stockpile has, in the past, lowered gas prices within two weeks.
The reserve contains 707 million barrels of oil and was last tapped in 2005 after Hurricane Katrina. The reserve is capable of releasing approximately 4 million barrels of oil per day,