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.