A day after his rival for the presidency, Barack Obama called for greater oversight for energy traders, John McCain is expected Monday to call for a $300 million prize for an innovation that would help the U.S. decrease its reliance on oil
During a town hall-style meeting at Fresno State University, McCain is expected to propose a $300 million prize for whomever can develop an automobile battery that “has the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars. . . (the battery) should deliver a power source at 30 percent of the current costs.
“In the quest for alternatives to oil, our government has thrown around enough money subsidizing special interests and excusing failure,” the prepared speech read. “From now on, we will encourage heroic efforts in engineering, and we will reward the greatest success.”
McCain also is calling for a “Clean Car Challenge” for U.S. automakers in hopes to encourage them to develop and sell vehicles with no carbon emissions. As part of the challenge, a $5,000 tax credit would be given to buyers of of such cars, making such vehicles more appealing to consumers and thus easier to sell.