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Bush-McCain Energy Plan: Wrong on National Security

June 18, 2008

To: POLITICAL EDITORS

Contact: Damien LaVera of Democratic National Committee, +1-202- 863-8148

WASHINGTON, June 18 /PRNewswire/ — The following was released today by the Democratic National Committee:

According to media reports, Senator McCain will address the “national security implications of the country’s reliance on foreign energy” today in Springfield, Missouri. What McCain won’t say, however, is that his insistence on pandering to his friends in Big Oil by recycling the same old failed Bush policies will do nothing to make Americans more secure or end America’s dependence on foreign oil. Not only has Senator McCain repeatedly voted against renewable energy and green jobs, but his “new” plan calls for expanding offshore oil drilling, protecting his friends in Big Oil from a windfall profits tax, and giving them a new gas tax holiday that won’t reduce the price of gas. Meanwhile, his support for President Bush on the war in Iraq has helped make the Middle East less stable, which in turn has contributed to soaring oil prices.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080519/DNCLOGO)

Now, President Bush is helping push McCain’s offshore drilling plan later today. [Associated Press, 6/17/08]

“After admitting he doesn’t understand the economy, Senator McCain is now trying to pass off failed Bush policies that have undermined America’s energy security, our national security and our economy as his ‘new’ approach to energy independence,” said Democratic National Committee Communications Director Karen Finney. “Marching in lockstep on President Bush’s failed Iraq policy, his willingness to keep our troops there for 100 years, and his votes against renewable energy all show that Senator McCain is committed to keeping America on a dangerous path that will cost American jobs, drive energy prices even higher, and do nothing to make America safer or less dependent on foreign oil.”

BUSH-MCCAIN POLICIES HAVE DESTABILIZED MIDDLE EAST…

American Policies Have Destabilized Iraq and Emboldened Anti- Western forces from Iran to Lebanon, Argue Israeli Security Experts. “After years of supporting the Bush administration’s policy in the Middle East, a growing number of Israelis are openly criticizing the United States for creating more, not less, danger for Israel. Israeli experts contend that American policies have destabilized Iraq, emboldened anti-Western forces from Iran to Lebanon and paved the way for militant Islamists to gain control of the Palestinian Authority. ‘The threats to Middle East security and stability worsened in 2006,’ experts at Tel Aviv University’s Jaffee Center for Strategic Studies recently warned. ‘The American failure in Iraq has hurt the standing of the U.S. in the Middle East.’” [McClatchy/ Knight Ridder, 1/12/07]

REGIONAL INSTABILITY DRIVES UP OIL PRICES…

Analyst: Regional Tensions Add $10 to $15 “Security Premium” to Per Barrel Price of Oil. “It has taken more than a quarter-century, but oil prices are once again approaching that level. And once again, saber-rattling between the U.S. and Iran is a significant factor. ‘The current high prices have a ‘back to the future’ quality to them,’ says oil historian Dan Yergin, chairman of Cambridge Energy Research Associates. He figures geopolitical tension in the Middle East adds a $10 or $15 security premium’ to every barrel of oil. ‘What the security premium reflects is a sense of uncertainty whether geopolitical events will lead to some kind of disruption that shuts off supply,’ Yergin said. ‘The security premium really reflects the fear of the unknown.’” [NPR, 11/12/07: http:// www.npr.org/templates/story/story.php?storyId=16219677]

Iran Threat Drives Up Price of Oil. Oil prices shot up nearly $11 a barrel and settled Friday at a record $138.54 on geopolitical jitters, a dollar decline and a forecast that oil would hit $150 by July 4 … Deputy Prime Minister Shaul Mofaz told Yediot Ahronot, Israel’s largest mass-circulation daily that ‘If Iran continues its program to develop nuclear weapons, we will attack it.’ Mofaz’s comments mean the return of the ‘Iran risk premium,’ said analyst Antoine Halff in a research report released Friday. While the market’s reaction ‘seems overplayed,’ Halff said, the minister’s remarks remind traders that ‘the dispute over Iran’s nuclear program remains unresolved and that the risks of military confrontation are indeed increasing.’ ‘This will likely be a growing source of market volatility until a solution to the dispute is found,” he added.” [CNN Money, 6/6/08: http://money.cnn.com/2008/06/06/news/economy/ gas_prices/index.htm?cnn=yes]

MCCAIN REVERSES HIMSELF TO PANDER TO BIG OIL…

McCain Called For Lifting The Federal Moratorium On Offshore Drilling. “We have proven oil reserves of at least 21 billion barrels in the United States. But a broad federal moratorium stands in the way of energy exploration and production. And I believe it is time for the federal government to lift these restrictions and to put our own reserves to use.”

— FLASHBACK: McCain Supports The Current Moratorium On Oil Drilling. “In response to a query of the candidates, Gore and Bradley promised to support the existing moratorium, in addition to opposing the leases. Both also say they will work with the seven oil companies holding leases to find alternatives to drilling. That could mean canceling the leases, or buying out the companies in a deal like the one that secured the Headwaters Forest. McCain supports the current moratorium, but hasn’t decided on the pending leases Steve Forbes hasn’t replied to questions about oil drilling.” [Ventura County Star, 11/15/99]

McCain Opposes Windfall Profits Tax For Oil Companies. “And now he supports new taxes on energy producers. He wants a windfall profits tax on oil, to go along with the new taxes he also plans for coal and natural gas. If the plan sounds familiar, it’s because that was President Jimmy Carter’s big idea too – and a lot of good it did us.” [Excerpts of Remarks Prepared for Delivery, Houston, TX, 6/17/ 08]

— FLASHBACK TO LAST MONTH: McCain Said He Was Open to Windfall Profits Tax. “I don’t like obscene profits being made anywhere-and I’d be glad to look not just at the windfall profits tax-that’s not what bothers me-but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.” [CNN Live Feed, Town Hall (Charlotte, NC), 5/ 5/08: http://www.youtube.com/watch?v=FP8eDdVzy9s]

FactCheck.org: McCain Gas Tax Holiday Will Not Drive Prices Down; Would “Give Federal Funds To Oil Refineries.”"But economists say that the proposal is unlikely to actually lower the price of gasoline. McCain’s plan would essentially give federal funds to oil refineries … But the nonpartisan American Association of State Highway and Transportation Officials estimates that the total savings for the average American motorist works out to about $28; for a two-car household, that would be $54. That’s IF prices actually dropped 18.4 cents per gallon. However, there’s every indication that they wouldn’t. Here’s why: According to the basic principles of supply and demand, cutting the price of an item causes people to buy more of it. That’s why stores put items on sale. But when something is priced too low, consumers will buy it faster than it can be manufactured, which leads to shortages. [FactCheck.org, 5/ 2/08: http://www.factcheck.org/gas_price_fixes_that_wont.html]

MCCAIN OPPOSED INCENTIVES FOR RENEWABLE ENERGY..

McCain Repeatedly Voted Against Tax Credits For Renewable Energy Production. McCain voted against several amendments aimed at encouraging renewable energy production. [2006 Senate Vote #42, 3/ 14/2006; 2005 Senate Vote #158, 6/28/2005; 2001 Senate Vote #125, 5/ 21/2001]

McCain Opposed $290 Million For R&D On Renewable Energy, Including Wind Power. McCain voted against an amendment to extend the renewable energy production tax credit and clean renewable energy bonds programs for four years including $290 Million for renewable energy R&D on Solar, wind, geothermal, biomass, hydropower. [2006 Senate Vote #42, 3/14/2006]

McCain Cast Deciding Vote to Cut Funding For the Rural Renewable Energy and Energy Efficiency Program From $23 Million To $3 Million. McCain voted for a motion to concur in the House amendment with the Senate amendment on the bill that made changes to programs for a net savings of $39.7 billion over five years. [2005 Senate Vote #363, 12/ 21/2005]

McCain Repeatedly Voted Against Tax Credits For Renewable Energy Production. McCain voted against several amendments aimed at encouraging renewable energy production. [2006 Senate Vote #42, 3/ 14/2006; 2005 Senate Vote #158, 6/28/2005; 2001 Senate Vote #125, 5/ 21/2001]

McCain Voted Repeatedly Against Establishing National Renewable Energy Standards. McCain voted against an amendment that would mandate that renewable energy sources must produce at least 10 percent of the electricity sold by electric utilities by 2020, a minimum of 2.5 percent must be produced beginning 2008 through 2011. [2005 Senate Vote #141, 6/16/2005; 2002 Senate Vote #50, 3/14/2002; 2002 Senate Vote #55, 3/21/2002; 2002 Senate Vote #59, 3/21/2002]

…AND GREEN JOBS.

Renewable Energy Tax Credit Extension Worth 116,000 Jobs Per Year. A 2008 economic study by Navigant Consulting finds that “over 116,000 U.S. jobs and nearly $19 billion in U.S. investment could be lost in just one year if renewable energy tax credits are not renewed by Congress, according to preliminary results released today by the American Wind Energy Association and the Solar Energy Industries Association. The study finds that over 76,000 jobs are put at risk in the wind industry, and approximately 40,000 jobs in the solar industry. The states that could lose the most jobs include: Texas, Colorado, Illinois, Oregon, Minnesota, Washington, Iowa, North Dakota, Oklahoma, Pennsylvania, and California. The lion’s share of these states would lose more than 1,000 jobs.” [AWEA Press Release, 2/4/2008]

McCain Missed Key Votes On Extending Renewable Energy Tax Credits. McCain missed numerous votes in 2007 and 2008 on tax credits for renewable energy, due to his busy campaign schedule. Several of the votes he missed on extending existing tax credits failed by just a few votes. [2007 Senate Vote #98, 3/22/2007; 2007 Senate Vote #223, 6/21/2007; 2007 Senate Vote #416, 12/7/2007; 2008 Senate Vote #8, 2/6/2008]

Paid for and authorized by the Democratic National Committee, www.democrats.org.

This communication is not authorized by any candidate or candidate’s committee.

SOURCE Democratic National Committee

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