Mr. Romney strongly supports domestic energy production, which would also create jobs and bolster local economies in a wide variety of energy-producing regions that can "export" their product to the rest of the country. The ripple effects into the non-energy sectors of the economy are commensurately important.
Mr. Romney favors regulation to facilitate rapid progress in the development of domestic reserves of oil and natural gas and prevent overregulation of shale gas development and extraction. He would open America's energy reserves for development and support construction of pipelines from Canada. He would expand the Nuclear Regulatory Commission's (NRC) capabilities for approval of additional nuclear reactor designs and streamline NRC processes to ensure that licensing decisions for reactors on or adjacent to approved sites, using approved designs, are complete within two years.
He would concentrate alternative energy funding on basic research and not on commercial application. He would also ensure that environmental laws properly account for cost in regulatory process and amend the Clean Air Act to exclude carbon dioxide. (www.mittromney.com)
President Obama is committed to putting in place an "all-of-the-above strategy" to develop every available source of American energy while ensuring we never choose between protecting our environment and strengthening our economy. He is committed to lessening America's dependence on foreign oil and investing in clean energy to protect the environment and create jobs.
US oil production is presently at an 8-year high, natural gas production has continued to increase and the US is less reliant on foreign oil than at any time in the last 16 years. He has approved the construction of 16 commercial-scale solar facilities, 5 wind, and 8 geothermal projects on public lands and has supported the construction of the first nuclear power plant in decades.
The Recovery Act invested in carbon capture and sequestration research and the President has set a 10-year goal to develop and deploy cost-effective clean coal technology. President Obama made an agreement with the auto manufacturers to improve fuel economy of the nation's passenger auto fleet to 54.5 mpg from 27.5 mpg by 2025, which would save families an estimated $8,200 at the pump per vehicle. The EPA, under his direction, has issued the first-ever national standard for mercury emissions and other dangerous toxins from coal- and oil-fired power plants. (www.barackobama.com)