FACTBOX: Presidential candidates on gas prices
(Reuters) - The White House said on Monday there are no quick fixes for U.S. gasoline prices that now average a record $3.60 per gallon, but those aiming to succeed President George W. Bush have proposed several solutions.
Following is a summary of their proposals:
DEMOCRATIC NEW YORK SEN. HILLARY CLINTON
- Suspend the 18.4-cent federal gasoline tax through the peak summer driving months. A windfall tax on energy companies would cover the revenue shortfall.
- Suspend filling the Strategic Petroleum Reserve for one year, freeing up more oil for the open market.
- Devote $150 billion to developing alternative energy.
- Raise royalties for oil companies that drill on public land.
- Increase fuel economy standards to 55 miles per gallon by 2030.
- Investigate market manipulation of oil prices.
DEMOCRATIC ILLINOIS SEN. BARACK OBAMA
- Double fuel economy standards to 50 miles per gallon by 2026.
- Devote $150 billion over 10 years to developing alternative energy.
- Does not support suspending the gas tax, saying oil companies would simply raise prices to make up the difference.
- Investigate market manipulation of oil prices.
REPUBLICAN ARIZONA SEN. JOHN MCCAIN
- Suspend the gas tax through the summer months.
- Suspend filling the Strategic Petroleum Reserve.
- Has not proposed targets for increased automobile efficiency, and voted against a 2003 measure that would have boosted standards to 40 miles per gallon by 2015.
(Compiled by Andy Sullivan in Washington)
(To read more about the U.S. political campaign, visit Reuters "Tales from the Trail: 2008" online at http:/blogs.reuters.com/trail08/)
