March 16, 2013

Obama Calls for $2B in Vehicle Technology Research Funding




President Barack Obama has urged Congress to authorize spending $2 billion over the next decade to expand research into advanced vehicle technologies and biofuels by tapping funds generated from oil and gas exploration on federal waters.

The Obama Administration is calling on Congress to establish a new Energy Security Trust, which is designed to invest in breakthrough research that will make the technologies of the future cheaper and better.

The Energy Security Trust will fund the advances that will allow the U.S. citizens to run cars and trucks on electricity or homegrown fuels, and on the technology that will enable vehicles to drive from coast-to-coast without a drop of oil.