Barack Obama says take the California low carbon fuel standard nationwide

Democratic Illinois Senator and presidential hopeful Barack Obama today called for a reduction in carbon emissions in the U.S., basically by taking California's Low Carbon Fuel Standard, which California Governor Arnold Schwarzenegger issued an order to start in January, nationwide. His Earth Day catchphrase: "end the tyranny of oil."

According to the AP, Obama said during a campaign stop in Durham, New Hampshire that, "I believe we still have a chance to pass on a planet to our children that is cleaner and safer and more prosperous than we found it., This is our generation's moment to save future generations from global catastrophe.''

The candidate's official statement on the initiative can be found here. The details, as released, are as follows:

Obama's proposal would require that all transportation fuels sold in the U.S.contain 5 percent less carbon by 2015 and 10 percent less carbon by 2020. By requiring less carbon intensive fuels, this national standard has the following benefits:

1. The market, rather than the government would determine which fuels are used by fuel distributors and blenders to meet the NLCFS. Because biofuels are less carbon-intensive than gasoline, the NCLFS would spur greater production of renewable fuels.
2. The NCLFS would also create an incentive for the production of more flexible-fuel vehicles that can run on ethanol and more plug-in hybrid vehicles that run on electricity.

The Obama proposal includes a banking and credit trading mechanism to allow providers of cleaner burning fuel to trade allowances to other producers or bank allowances against future carbon reductions.