McCain proposes $300M prize for new auto battery
Monday, June 23, 2008 4:14:03 PM
By GLEN JOHNSON
John McCain is hoping to solve the country's energy crisis with cold hard cash. The presumed Republican nominee on Monday proposed a $300 million government prize to whoever can develop an automobile battery that far surpasses existing technology. The bounty would equate to $1 for every man, woman and child in the country, "a small price to pay for helping to break the back of our oil dependency," McCain said at Fresno State University.
McCain said such a device should deliver power at 30 percent of current costs and have "the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars."
The Arizona senator also proposed stiffer fines for automakers who skirt existing fuel-efficiency standards, as well as incentives to increase use of domestic and foreign alcohol-based fuels such as ethanol.
In addition, a so-called Clean Car Challenge would encourage U.S. automakers to develop zero-emission vehicles by offering consumers the incentive of a $5,000 tax credit when they purchase one.
"In the quest for alternatives to oil, our government has thrown around enough money subsidizing special interests and excusing failure," said McCain. "From now on, we will encourage heroic efforts in engineering, and we will reward the greatest success."
rest of article: http://www.mail.com/news.aspx?cat=topheadlines