June 23, 2008
(AP) - The Republican presidential nominee-in-waiting is proposing 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 in remarks prepared for delivery Monday at Fresno State University in California.
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 is also proposing 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 provide U.S. automakers with a $5,000 tax credit for every zero-carbon emissions car they develop and sell.
"In the quest for alternatives to oil, our government has thrown around enough money subsidizing special interests and excusing failure," said excerpts from McCain's prepared text.
The proposal comes as gasoline has reached a record cost over $4
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