McCain Proposes EV Battery, ZEV Competition

Presidential hopeful Senator John McCain is calling for a $300 million prize for the development of an innovative battery that will help the US decrease its reliance on foreign oil. The senator is expected to describe his proposal while campaigning on the campus of Fresno State University. The winning battery should have "the size, capacity, cost and power to leapfrog commercially available plug-in hybrids or electric cars." The winning device should also deliver at 30% of the current cost of HEV and EV batteries

In addition, McCain is calling for a Clean Car Challenge, hoping to spur US automakers into developing zero-emission vehicles. That plan includes offering a $5,000 tax credit to ZEV buyers.

McCain's rival, Senator Barack Obama pledged to close a loophole in trading regulations that exempts most over-the-counter energy trades from oversight and is believed to be fueling increased prices for the per-barrel cost of oil. Closing the loophole would give the Commodity Futures Trading Commission full oversight of the oil futures market. The Obama campaign estimated on Sunday that speculation could be adding between $20 and $50 per barrel to the cost of oil. Oil closed on Friday at $135 per barrel.

Photo Credit: Craig Jewell