Obama Wants to Put One Million Plug-in Hybrids on the Road ~ Hybrid Car Review
Hybrid Car Review: Obama Wants to Put One Million Plug-in Hybrids on the Road

Tuesday, August 05, 2008

Obama Wants to Put One Million Plug-in Hybrids on the Road

Obama SpeaksObama promised big money for the Big 3 if he's elected president.  As part of a $150 billion energy plan, Obama wants to put 1 million plug-in hybrid vehicles on the road by 2015.  The energy plan could create 5 million jobs.

Perhaps he should discuss these plans with Ford, who thinks major sales in plug-in hybrids won't start for at least 5 years.

Obama changed his mind on tapping the oil reserves, which he believes could cut prices on gas.  He believes a change in gas prices could occur in as little as two weeks.

Obama also changed his mind, or at least wavered, on off shore oil drilling.  He said he would accept off shore drilling as part of a package that increases the use of alternative fuels.

As for plug-in hybrids, Obama would help the car companies by offering $4 billion in loans and in loan guarantees.  Consumers would be offered $7,000 in tax credits, which may be a necessity to get 1 million on the road.  The Volt, GM's solution to the plug-in challenge, is projected to cost close to $40,000.  As the numbers ramp up, the cost will hopefully come down.  But that's going to take time.

Tax credits for hybrid vehicles certainly helped build interest over the past decade.

In order to pay for the billions needed for his plan, Obama wants to revoke the tax breaks for oil companies and apply a tax on their windfall profits.

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