Obama proposes $2 billion plan for clean energy technology research

Washington Postby Philip Rucker
The Washington Post
March 15, 2012

LEMONT, Ill. ‚Äî President Obama on Friday proposed taking $2billion in royalties the government receives from offshore oil and gas leasing to fund research into clean energy technologies designed to lessen the nation’s dependence on fossil fuels to power cars and trucks.

Obama called for establishing an Energy Security Trust, which would divert $2billion in federal revenue from oil and gas leasing toward clean energy research. The money would be invested in breakthrough technologies that ultimately, if successful, could remake America’s energy economy by weaning the transportation sector off oil.

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