The Lexington Project is the name given to John McCain's energy policy. Named after the town of Lexington, Massachusetts, it is symbolic of people asserting their independence - as the United States is now trying to become more energy independent. .
McCain's energy policy has six actions:.
1. Expand domestic oil and natural gas exploration and production, use the U. S. reserves of natural gas to provide immediate relief to consumers, and lift the ban on drilling in the Outer Continental Shelf so that offshore drilling can take place.
2. Use incentives to reform the transportation system. The first is a $5000 tax credit to consumers who buy a zero-carbon emissions vehicle. The second is a $300 million prize to any company that successfully develops a high powered vehicle battery package for the next generation of hybrids and plug-in cars. .
McCain also will encourage carmakers to produce more than 50% flex-fuel vehicles before their agreed-upon deadline of 2012; eliminate the exclusive use of corn-based ethanol gasoline and allow the market to find better alternatives for fuel, including alcohol-based ones such as cellulosic ethanol; and increase the penalties to automakers that do not uphold the current mileage standards passed by Congress. .
3. Invest in clean alternative energy sources such as $2 billion each year for coal technologies that can be exported to countries seeking to maximize their energy uses. McCain proposes to build 45 new nuclear power plants by 2030 and an additional 55 for a total of 100 over an unspecified timeframe. Companies that focus on research and development of alternative energies will receive a permanent tax credit of 10 percent of their R.