During President Obama’s visit to Argonne National Laboratory to promote alternative energy research, he highlighted the importance of the new Energy Security Trust in the future of America’s transportation technologies.
“The Energy Security Trust is designed to invest in breakthrough research that will make the technologies of the future cheaper and better – technologies that will protect Ameican families froms spikes in gas prices and allow us to run our cars and trucks on electricity or homegrown fuels,” Obama said during his presentation at Argonne National Lab on Friday.
As a result of the sequester, large amounts of funding for new research in national laboratories will be cut. Obama said he believes it is critical for the nation’s economy, environment, and national security to maintain a pipeline for scientific research, especially in long-term energy technologies.
The Obama Administration is calling on Congress to establish the Energy Security Trust, which builds on a proposal supported by a broad bipartisan coalition. The proposed trust works to provide a reliable source of funding for breakthrough research focused on cost-effective transportation technologies that will shift American’s vehicles off of oil for good.
The trust will be funded by revenues from federal oil and gas development, and will not add any additional costs to the federal budget. It plans to provide $2 billion in funds over a ten year time span.
“We need to do this together as a country, and we will all benefit from it,” Obama said.
In addition to the Energy Security Trust, Obama said the nation will continue following an all-of-the-above energy plan including solar, wind, natural gas, oil, and biofuels.
“After years of talking about it, we’re finally poised to take control of our energy future,” Obama said.
Click here to learn more about the Energy Security Trust and Obama’s Blueprint for a Clean and Secure Energy Future.
Check out this infographic to visualize the effects of the Energy Security Trust: