Obama eyes oil revenues for clean energy
The US president plans to earmark $2 billion of oil and gas revenues to fund alternative energy research, writes Shaun Polczer
EARLY outlines of US president Barack Obama’s all-of-the-above energy policy are taking shape, with plans to earmark $2 billion of oil and gas revenues to fund alternative energy research.
In a speech at the Department of Energy’s Argonne National Laboratory in Illinois, president Obama proposed setting aside $200 million a year for the next 10 years to promote biofuels, fuel cells and advanced electric vehicles (EVs).
The new research programme would be paid for with royalties generated from offshore oil and gas production in federal waters.
Fossil fuels are...
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