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Obama speaks out against McCain's $300 million battery prize

Arizona Senator John McCain just outlined his plan to offer a $300 million cash prize for anyone that can produce a better automotive battery but his opposition on the campaign trail - Illinois Senator Barack Obama - is already speaking out against the proposal.

Obama called the plan a "gimmick" and said any plan to reduce the U.S.' dependence on oil required action by the U.S. Government, not just by a single person or company.

Instead of relying on new technology, Obama says he has a plan to use current technology to boost fuel economy to 50 mpg by 2027. "I have a plan to raise the fuel standards in our cars and trucks with technology we have on the shelf today," Obama said.

While Obama may see Senator McCain's plan as a gimmick, the Senator from Illinois is also offering a few gimmicks of his own. According to The Detroit News, Obama is offering some prize money of his own in the form of "tax incentives, cash prizes and government contracts" to help speed the development of "the most promising technologies with the goal of getting the first two billion gallons of cellulosic ethanol" to market by 2013.

No matter which Presidential candidate ultimately prevails, either plan would still face plenty of hurdles before being enacted.