US president Barack Obama, a strong advocate of alternative means of power and propulsion since the very start of his first mandate, has announced that he wants to ask Congress to approve a $2 billion funds injection for green vehicle technology research.
They say the money will come from the US’ own gas and oil operations currently online in federal waters – using oil cash to fund green tech seems a bit contrived, but at least the industry is encouraged. The money would be slowly set aside over the next decade, and it will go towards the development of full electric vehicles and battery tech, CNG and biofuels.
Obama first came up with the idea last month, when he suggested placing some of the oil and gas revenue into a special “Energy Security Trust” to be used for the aforementioned purpose and he is now pushing the plan forward.
According to an official White House statement, the trust “is designed to invest in breakthrough research that will make the technologies of the future cheaper and better — technologies that will protect American families from spikes in gas prices and allow us to run our cars and trucks on electricity or homegrown fuels.”
By Andrei Nedelea
Story References: Detroit News
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