President Obama spoke Friday at the Argonne
National Laboratory near Chicago, Illinois, on his plan for
financing clean-fuels projects.
The president hopes to funnel $2 billion (B) in revenue over
the next 10 years from federal oil and natural
gas leases into research on alternative-fuel vehicles.
The plan is likely to garner support from business and
bipartisan politicians, although Republicans in Congress are
expected to criticize the measure as an unfair tax on energy
President Obama will present the measure as a segment of his
comprehensive energy strategy for the US, which includes oil
and gas, nuclear energy, fossil fuel alternatives, and clean
energy sources like wind and geothermal.
The White House noted that the $2 B in funding will come
from growth in drilling revenues over the next decade and will
not be implemented as a new tax.
The New York Times reported, "Mr. Obama has given up on
moving comprehensive climate change legislation through
Congress and has ruled out a carbon tax as a way to finance the
development of alternative energy sources, so he is pursuing
smaller-scale projects that do not require new
sources of revenue. The Energy Security Trust, as he calls his
proposal to shift oil and gas royalties to alternative energy
research, is one of those projects."
Further information on the White House's energy initiative
can be found in this article.