Obama changes stand on off-shore drilling and taps into oil reserve

Obama announced "New Energy for America" plan in Lansing, Michigan today, which included two significant changes on positions he previously took. The Illinois senator said last week that he would consider accepting some offshore oil drilling, which he had previously opposed. Meanwhile, his rival McCain has strongly backed such drilling and has repeatedly criticized Obama for opposing it.

"We should sell 70 million barrels of oil from our Strategic Petroleum Reserve for less expensive crude, which in the past has lowered gas prices within two weeks," Obama said in prepared remarks.

"Over the next five years, we should also lease more of the National Petroleum Reserve in Alaska for oil and gas production. And we should also tap more of our substantial natural gas reserves," he added.

Just a month ago, Obama spoke out against tapping into the petroleum reserve.

"I do not believe that we should use this strategic oil reserves at this point," he said on July 7 in St. Louis. "I have said and in fact supported a congressional resolution that said that we should suspend putting more oil into the strategic oil reserve. But the strategic oil reserve I think has to be reserved for a genuine emergency."

The reserve was created after the energy crisis of the 1970's.His long term plan includes creating 1 million 150-mile-per gallon hybrids within six years, using 10 percent of U.S. energy from renewable resources by the end of his first term and reducing U.S. demand for electricity by 15 percent by 2030.

Energy issues have emerged as a dominant conflict point in the campaign. Obama released a TV ad which accuses McCain for accepting campaign donations from oil company executives and proposing a corporate tax cut that would reduce taxes on oil companies.

McCain had previously run an ad which blamed Obama for the country's high gas prices because of his opposition to proposals such as off-shore drilling.