Issue Position: Energy - Provide Short-term Relief to American Families
* Enact a Windfall Profits Tax to Provide a $1,000 Emergency Energy Rebate to American Families.
Obama and Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills. This relief would be a down payment on the Obama-Biden long-term plan to provide middle-class families with at least $1,000 per year in permanent tax relief.
* Crack Down on Excessive Energy Speculation.
Barack Obama and Joe Biden will close energy industry market loopholes and increase transparency to prevent traders from unfairly lining their pockets, while driving up oil prices at the expense of the American people.
* Swap Oil from the Strategic Petroleum Reserve to Cut Prices.
With oil prices doubling in the past year, Barack Obama and Joe Biden believe we have an economic emergency that requires a limited, responsible swap of light oil from the Strategic Petroleum Reserve (SPR) for heavy crude oil to help bring down prices at the pump.