This is an excerpt from EERE Network News, a weekly electronic newsletter.
President Obama Highlights Proposal for an Energy Security Trust
President Obama on March 16 highlighted his “all-of-the-above” approach to American energy, including his proposal to establish an Energy Security Trust, that would invests revenue from offshore oil and gas development in research to help transition cars and trucks from reliance on oil. Investments made through the Energy Security Trust would focus on a range of technologies, including electric vehicles (EV) and advanced batteries, as well as advanced biofuels and cars that run on natural gas. These investments will continue to reduce U.S. dependence on oil, support job creation, increase energy security, and save families money at the pump, while also cutting harmful greenhouse gas emissions.
"In my State of the Union Address, I called on Congress to set up an Energy Security Trust to fund research into new technologies," President Obama said. "Much of our energy is drawn from lands and waters that we, the public, own together. So I’m proposing that we take some of our oil and gas revenues from public lands and put it towards research that will benefit the public, so that we can support American ingenuity without adding a dime to our deficit." The president credited the idea to a proposal put forward by a non-partisan coalition of CEOs and retired generals and admirals. See the White House press release.