LANSING, Mich., Aug. 4 (UPI) -- U.S. Sen. Barack Obama included exchanging 70 million barrels of oil from the Strategic Petroleum Reserve for less expensive crude in his New Energy plan.
Speaking before an audience at Michigan State University in Lansing, Mich., the likely Democratic presidential candidate repeated his proposal of providing families a $1,000 energy rebate paid for by a windfall tax on profits made by oil companies. He also stressed investing in technology that "can help us recover more from existing oil fields, speed up the process of recovering oil and gas resources from shale formations in Montana and North Dakota, in Texas and Arkansas, and in parts of the west and central Gulf of Mexico."