Barack Obama
Said he does not support a federal gas tax holiday and called it a "classic Washington gimmick." Voted for an Illinois gas tax holiday while in the Illinois State Senate. "Six months later we took a look, and consumers had not benefited at all, but we had lost revenue. I learned from a mistake." Would suspend purchasing oil for the Strategic Petroleum Reserve, and advocates a windfall profits tax on oil companies. Stated in a presidential debate that "we should explore nuclear power as part of the energy mix." Against lifting federal government restrictions on offshore drilling and opposes drilling in the Arctic National Wildlife Refuge. Proposes reducing carbon emissions by 80 percent by 2050 by using a market-based cap-and-trade system. Would invest $150 billion over 10 years in clean energy. Supports next generation biofuels. Proposes increasing fuel economy standards and would require that 25 percent of electricity consumed in the U.S. is derived from clean, sustainable energy sources by 2025. Would create a Global Energy Forum and re-engage with the United Nations Framework Convention on Climate Change.  Watch Obama speak about energy policy

John McCain
Has called for the suspension of the 18.4-cent-a-gallon federal gas tax and 24.4-cent-a-gallon diesel tax from Memorial Day to Labor Day. The McCain campaign has said the lost revenue would be paid for by money from the general fund. Advocates suspending the purchase of foreign oil for the Strategic Petroleum Reserve during periods of high prices to reduce demand. Opposes windfall profits tax on U.S. oil companies. Believes the federal government should lift restrictions on offshore drilling and provide incentives to states permitting offshore exploration. Against drilling in the Arctic National Wildlife Refuge. Proposes a national energy strategy that will rely on the technological prowess of American industry and science. Would not support subsidizing every alternative or tariffs that restrict the competition that stimulates innovation and lower cost. Calls for building new nuclear reactors. Believes barriers to nuclear energy are political not technological. Would provide for safe storage of spent nuclear fuel and give host states or localities a proprietary interest so when advanced recycling technologies turn used fuel into a valuable commodity, the public will share in its economic benefits. Proposed a bipartisan plan to address the problem of climate change and stimulate the development and use of advanced technologies. It is a market-based approach that would set caps on carbon and other greenhouse gas emissions, and provide industries with tradable credits. Proposed a $300 million award for "the development of a battery package that has the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars." Says he would commit $2 billion annually for 15 years to advance clean coal technology. Read more about McCain on the issues