WHERE THEY STAND: ROMNEY AND OBAMA ON THE MAJOR ENERGY ISSUES
MITT ROMNEY
Promised to approve the Albertato-Texas oil pipeline on the first day of his administration to create jobs and help reduce U.S. oil imports from the Middle East and Venezuela. Wants to establish new ‘fast-track’ regulatory approval processes for other cross-border pipelines.
Vowed to make North America energy-independent by 2020 by expanding oil and gas drilling.
Supports expanding offshore drilling beyond Obama’s five-year plan. Would open areas off the coast of Virginia and the Carolinas to oil and gas development. Would leave oversight of onshore energy development, including shale oil and gas, to state governments.
Often blasts the EPA on the campaign trail, arguing that “excessive” environmental regulation has hampered U.S. economic growth. Emphasizes his support for coal. Vows to eliminate “anticarbon” regulations and ensure the EPA considers the costs of regulations it imposes. Would also give energy companies more time to comply with government regulations.
Opposes government spending on clean-energy projects. Uses failure of government-backed solar company Solyndra LLC to illustrate argument against government trying to pick winners in the energy sector. Opposes renewal of production tax credit, worth about US$1-billion a year to wind power producers.
BARRACK OBAMA
Delayed the Keystone XL pipeline. citing environmental concerns in Nebraska. Backed the building of the pipeline’s southern section. Has not said whether he will eventually approve the entire project after the election. Government continues to study environmental risks including spills and carbon emissions from oil sands.
Wants to cut U.S. oil imports in half by 2020 by supporting more production of fossil fuels. His “all-of-the-above” energy strategy promotes oil drilling and includes incentives for nuclear as well as wind and solar power. Finalized fuel-efficiency rules to cut U.S. oil use by more than two million barrels a day by 2025.
Highlights that U.S. oil production has risen every year he has been in office, with output hitting a 16-year high in early October. But most of the gains have come on private lands, over which Obama has little control. Supports fracking for natural gas, but under his administration the Environmental Protection Agency (EPA) has also issued some of the first regulations on the industry.
After the climate bill died in the Senate in 2010, his EPA proposed the first-ever rules to limit greenhouse-gas emissions from power plants. Climate rules on oil refineries have been delayed. The EPA also issued rules on toxic emissions from coal plants, many of which were in the making before Obama became president, and some of which face court challenges.
Included US$90-billion in 2009 economic stimulus package for energy projects, including solar and wind power, energy efficiency and bolstering the electric grid. Defends the US$16-billion in loan guarantees for 26 clean-energy projects as necessary given lack of private financing and competition from China. Supports renewal of the 20-year-old production tax credit for wind power.