Author Topic: McCain: Build a better battery and win $300 million!  (Read 3059 times)

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Offline Sal Atticum

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McCain: Build a better battery and win $300 million!
« on: June 23, 2008, 02:42:40 PM »
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McCain plan: $300 million prize for better car battery

(CNN) -- Sen. John McCain is expected Monday to call for a $300 million prize for innovation that would help the U.S. decrease its reliance on oil, a day after his rival for the presidency called for greater oversight for energy traders.

Oil and energy are expected to be on the agenda as McCain campaigns in California and Sen. Barack Obama speaks in New Mexico on Monday.

McCain, during a town hall-style meeting at Fresno State University, is expected to propose a $300 million prize for whoever 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 Arizona Republican will say such a battery "should deliver a power source at 30 percent of the current costs," according to prepared remarks released ahead of the event.

"In the quest for alternatives to oil, our government has thrown around enough money subsidizing special interests and excusing failure," the prepared remarks 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, hoping to spur them to develop and sell vehicles with no carbon emissions. The challenge would allow $5,000 tax credits to buyers of of such cars, making such vehicles more appealing to consumers and thus easier to sell.

McCain's appearance at Fresno State is expected to start at 10 a.m. PT.

Obama on Sunday, blaming skyrocketing gasoline prices in part on speculation, proposed fully closing what he called a loophole that exempts most over-the-counter energy trades from regulation.

His campaign said many economists believe speculation could be adding between $20 and $50 to the price of a barrel of oil. The price per barrel closed near $135 on Friday.

He said current law prevents the Commodity Futures Trading Commission from fully overseeing the oil futures market and investigating cases in which excessive speculation may be increasing oil prices.

His campaign noted that the so-called loophole would be partially closed by a provision in a farm bill that was passed this year. But he said his plan would fully close it by requiring that U.S. energy futures are traded on regulated exchanges.

"My plan fully closes the ... loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future," Obama said in a statement Sunday.

The Illinois Democrat on Monday is scheduled to speak with working women at the Flying Star Cafe in New Mexico.

Meanwhile, monthly campaign finance reports filed this month show the candidates are nearly level in the amount of money they have available to spend before their parties' conventions.

According to a report filed with the Federal Election Commission, Obama had $43.1 million in the bank at the start of June. However, $9.8 million of that is designated for the general election, meaning only the remaining $33.3 million may be spent prior to the conventions.

McCain, according to his report filed with the FEC, began June with about $31.4 million available to spend before the conventions.

McCain had only $123,000 set aside for the general election. However, since indicating he will accept public financing for the general election, he has returned nearly all of the money he has raised for it.

Obama said last week he would not accept public financing. Republicans and outside analysts have said Obama found he could raise more money than public financing would allow him to spend.

The Democrats' convention is scheduled for August 25-28 in Denver, Colorado. The Republicans' convention to set for September 1-4 in Minneapolis and St. Paul, Minnesota.

Very cool!
JUST EXTRA POLISH. I DO SOME WORK WITH EXCELL SO I KEEP THE CAPS LOCK ON :-P

Offline pmp6nl

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Re: McCain: Build a better battery and win $300 million!
« Reply #1 on: June 30, 2008, 09:53:07 PM »
Cool stuff.  But $300 million, jeeze.  Are there any more specific details, like do you have to have a working prototype or what?
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