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."
Read the full story: Obama Seeks $2 Billion in Research on Cleaner Fuels
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