Edwards unveils plan to reduce gas prices

05/31/2007

WASHINGTON (CNN) -- In a response to skyrocketing gas prices, former North Carolina Sen. John Edwards will introduce a plan meant to reduce energy costs and create more energy-efficient vehicles at a press conference in Menlo Park, California Thursday.

"Families today are struggling -- the costs of middle-class necessities like health care, housing, and child care continue to grow and now we can add gas prices to that list," Edwards said in a statement. "Families are spending $1,000 more a year on gasoline than they did in 2001, fueling massive profits for Big Oil. We need to stand up to the big oil companies to create affordable choices for regular families."

To do so, he is asking Congress and President Bush to promote a more competitive gasoline market and eliminate subsidies for oil companies. With the money saved, he is expected to say he will propose a $13 billion-a-year "New Energy Economy Fund," which will support biofuel production and grants for automakers to create more advanced technology.

Edwards is expected to unveil his plan to cap and then cut global warming pollution and significantly reduce foreign oil imports.