Obama Pushes to Fund Advanced Autos with Fossil Fuel Revenues

At a visit to the Argonne National Laboratory today, President Obama was expected to unveil his plan to spend $2 billion in oil and gas revenues "to find ways to replace hydrocarbons as the primary fuel for the nation’s cars, trucks and buses."

John M. Broder reports on the Energy Security Trust, an idea Obama first proposed in last month’s State of the Union address, which would divert "$2 billion in revenue from federal oil and gas leases over the next decade to pay for research on advanced vehicles, White House officials said."

"The idea enjoys some bipartisan and business support," adds Broder, "but is likely to encounter strong resistance from Congressional Republicans, who will portray it as a tax on energy producers. The White House says the money will come from growth in drilling revenue from leases on public lands and waters over the next decade and is not a new tax."

"Officials said Mr. Obama will present the proposal as part of his 'all-of-the-above energy strategy,' which includes an increase in oil and gas development; support for nonpolluting sources like wind, solar and geothermal energy; loan guarantees for new nuclear plants; and research into long-term alternatives to fossil fuels."

Full Story: Obama Seeks $2 Billion in Research on Cleaner Fuels

Comments

Comments

Irvin Dawid's picture
Correspondent

Obama has recycled the House Transportation Reauthorization Bill

"The White House says the money will come from growth in drilling revenue from leases on public lands and waters over the next decade and is not a new tax" A ha! Where have I heard this before? Planetizen's "Drilling For Highway Trust Fund Dollars. Those revenues would normally be directed to the general fund - by directing them to this new program, regardless of how well-intentioned it may be - it's taking funds away from the government - thus increasing the deficit.

It's very hard to pick the 'winners' in this business of alternative energy. Everyone knows about Solyndra - but it's also in the electric vehicle industry - specifically batteries - A123.

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