White House Expands on Obama’s Plans for Energy Security Trust

18 Mar 2013

The White House has published more details about President Obama’s plans to form an Energy Security Trust, first mentioned in his 2013 State of the Union Address. Formation of the Trust has bipartisan congressional support and the President’s plan is to set aside $2 billion over the next ten years for the Trust to fund research as part of his all-of-the-above energy strategy.

Energy Security Trust

The money will come from royalty revenues generated by development of existing oil and gas projects on the Outer Continental Shelf, therefore not placing any additional strain on the national budget. These funds will be invested research aimed at developing a range of technologies to wean the nation’s vehicles off oil; these technologies include biofuels, hydrogen fuel cells, advanced batteries and next generation natural gas fuel tanks.

Since President Obama was elected as President, domestic oil and gas production has increased and oil imports have fallen to a 20 year low. The US EPA released a recent report stating carbon dioxide emissions in 2012 have decreased by 13% since 2007 and fuel economy has increased by 16% over the same period; the Energy Security Trust aims to build on these successes and position the US as a world leader in advanced transportation.

  

Source: whitehouse.gov

Image: whitehouse.gov

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