WASHINGTON, D.C. — Today the Center for American Progress, Sierra Club, and League of Conservation Voters released the “Cleaner Cars, Less Foreign Oil” plan, by John D. Podesta, Carl Pope and Gene Karpinski. It calls for President Obama and Congress to set firm targets for cutting foreign oil use, further improve fuel economy standards and invest in transportation choices, end tax loopholes for Big Oil, and crack down on oil speculation.
The volatile oil prices caused by turmoil in the Middle East and Wall Street speculators are driving up the price of gasoline for American families. More Americans spend a greater portion of their incomes of fueling their cars and less on the goods and services that keep the economy growing. Higher oil prices also threaten to stall the economic recovery.
To use less oil and save families money, we propose the following four-part plan:
- Cut foreign oil use by 5 percent annually, and in half by 2022
- Build 21st century cars that get 60 miles per gallon by 2025 and invest in transportation choices
- End tax loopholes for Big Oil, and invest one cent per dollar of Big Oil profit into ultra-clean vehicle R&D
- Stop speculators from driving up oil prices
President Obama’s oil speech later today is expected to include similar proposals to reduce foreign oil use, and improve fuel economy standards. The administration and Congress must collaborate to adopt these and other measures to essential to provide cleaner cars and use less foreign oil.
To read the full memo, click here.
To speak with Daniel J. Weiss, Kate Gordon or Bracken Hendricks regarding CAP’s energy plan or President Obama’s energy speech, please contact Christina DiPasquale at 202-481-8181 or [email protected].
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