ILLINOIS — President Obama spoke at the Argonne National Laboratory in Lemont, Illinois on Friday about his proposal to invest in research that will focus on developing cost-effective transportation alternatives. This proposal, known as The Energy Security Trust, sets aside $2 billion over 10 years to support research into cost-effective technologies. The funds would be derived from royalty revenues generated by oil and gas development in Federal waters outside of the Outer Continental Shelf.
The Energy Security Trust proposal would focus on supplying funding into:
- electric drive vehicles and batteries
- homegrown biofuels
- hydrogen fuel cells and breakthrough technologies
- domestically produced natural gas
For more information about The Energy Security Trust, visit whitehouse.gov