Romney's plan calls for reaching North American energy independence by 2020, primarily through expansion of traditional fossil fuels. The United States is currently the world's third largest oil producer, which Romney would hope to expand. The U.S. also currently imports more than half its oil from countries in the Western Hemisphere, with Canada making up a 29-percent share. According to Romney, those imports could be increased through greater cooperation and by the immediate approval of the Keystone XL pipeline, and similar projects.
The GOP challenger's plan pays little attention to renewable fuels like wind and solar power. Romney's plan includes continued research support for alternative fuels, but would have wind and solar generation succeed or fail on their own, without government subsidies or loan guarantees.
President Obama makes a contrasting argument about continued oil industry tax subsidies, arguing that the highly profitable major oil companies don't need the tax breaks, the extension of which is supported by Romney. (NBC News)