Finalized fuel efficiency rules to cut U.S. oil use by more than 2 million barrels a day by 2025.
OIL AND GAS DRILLING
Romney: Supports expanding offshore drilling beyond Obama's five-year plan. Would open areas off the coast of Virginia and the Carolinas to oil and gas development.
Would leave oversight of onshore energy development, including shale oil and gas, to state governments.
Obama: Highlights that U.S. oil production has risen every year he has been in office, with output hitting a 17-year high in early October. But most of the gains have come on private lands, over which Obama has little control.
Supports fracking for natural gas, but the Environmental Protection Agency (EPA) under his administration has also issued some of the first regulations on the industry.
ENVIRONMENTAL PROTECTION AGENCY
Romney: Often blasts the EPA on the campaign trail, arguing that "excessive" environmental regulation has hampered U.S. economic growth.
Emphasizes his support for coal. Vows to eliminate "anti-carbon" regulations and ensure the EPA considers the costs of regulations it imposes. Would also give energy companies more time to comply with government regulations.
Obama: After the climate bill died in the Senate in 2010, his EPA proposed the first-ever rules to limit greenhouse gas emissions from power plants. Climate rules on oil refineries have been delayed.
The EPA also issued rules on toxic emissions from coal plants, many of which were in the making before Obama became president, and some of which face court challenges. Some older coal plants have been pushed to close, partly because of cost of upgrades required in the regulations, but also because of record low prices for natural gas.
Romney: Promised to approve the Canada-to-Texas oil pipeline on the first day of his administration to create jobs and help reduce U.S. oil imports from the Middle East and Venezuela.
Wants to establish new "fast-track" regulatory approval processes for other cross-border pipelines.
Obama: Delayed the Keystone XL pipeline citing environmental concerns in Nebraska. Backed the building of the pipeline's southern section.
Has not said whether he will eventually approve the entire project after the election. Government continues to study environmental risks including spills and carbon emissions from oil sands.