Obama Changes Mind About Tapping Oil Reserve

By Pamela Mortimer

On Monday, Barack Obama announced that he would like to tap into the federal oil reserve as a means of reducing skyrocketing gas prices. Previously, the Illinois senator was against using any of the 700 million gallons of oil in reserve.

The Obama campaign has released a preview of the speech the Presidential nominee intends to make in Lansing, Michigan regarding the nation’s strategic petroleum reserve stored in Louisiana and Texas. Obama is also expected to propose a revival of windfall tax profits on the country’s oil companies.

Obama had previously stated that he would consider proposals to limited offshore drilling but would not consider touching the reserve. The change in his policy drew fire from the McCain team, saying that Obama was "flip-flopping" on his energy policies.

Obama campaign spokeswoman Heather Zichal defended her boss’ new take on using some of the reserve, saying that he has reconsidered his position. "He recognizes that Americans are suffering," she said.

Obama was specific in his plan to tap into the reserve, proposing that "light oil" be taken from the stockpile and replaced at a later date with a heavier form of crude oil. According to Obama, the crude oil would be sufficient to satisfy the nation’s long-term requirements.

Rebuttal from the Republicans focused on calling Obama’s plan "foolhardy" and "too short-lived." The Republicans were even more concerned with Obama’s windfall tax plan.

The Obama camp released an ad on Monday revealing a proposal to "revive the windfall profits tax on energy companies." The ad also condemns McCain for favoring tax breaks for the oil companies.

Obama’s tax proposal targets "big oil to give families a thousand-dollar rebate." The concept is to send $1,000 emergency rebate checks to people plagued by soaring energy costs.

On Monday, the McCain camp also released a statement regarding the tax. The statement called the tax "more economic quackery. History shows it only decreases production at home and only makes us more dependent on foreign oil."

As the campaign becomes increasingly competitive, the candidates are heating up and throwing more and more derogatory statements at one another, particularly when it comes to energy policies.

Another new ad from the Obama campaign criticizes McCain’s energy policies.

"After one president in the pocket of big oil we can’t afford another," says the ad, referring to President Bush’s previous ties to the oil industry.

Another shows an average person pumping gas. The announcer says, "Every time you fill your tank, the oil companies fill their pockets."

Republicans fired back almost immediately.

"Barack Obama’s latest attack ads shows his celebrity is matched only by his hypocrisy," said McCain spokesman Tucker Bounds. "After all it was Senator Obama, not John McCain, who voted for the Bush-Cheney energy bill that was a sweetheart deal for oil companies. Also not mentioned is the $400,000 from big oil contributors that Barack Obama has already pocketed in this election."