Oil Industry Cheers McCain's Energy Policies

Oil Industry Cheers McCain's Energy Policies

The oil industry generally approved Tuesday as Republican presidential candidate John McCain charted his policies on energy with a speech in Houston that jabbed the Bush administration, Democratic foe Barack Obama, Wall Street and oil-rich foreign regimes.

McCain said the federal government should ease regulations on offshore oil drilling and refinery construction and expand the use of nuclear energy, but press for eventual reliance on alternate energy sources such as wind and sunlight.

The Arizona senator also was here for a campaign fundraising event that was said to net about $2 million at the chateau-style home of restaurant executive Tilman Fertitta in River Oaks. There, after the energy talk, portable chillers on the lawn blew cold air as some supporters sweltered in the heat for 30 minutes to have their photo taken with the candidate. A dinner to raise more money for McCain was held at a home owned by Houston investor Fayez Sarofim.

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Watch McCain's speech in Houston.

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