President Barack Obama, speaking from Argonne National Laboratory in Lemont, called on Congress to put a new $2 billion energy initiative into motion and get America off of its reliance on gasoline "once and for all."
"The only way to break this cycle of spiking gas prices is to shift our cars entirely, cars and trucks off oil," the president said to about 400 people in the Center for Nanoscale Materials.
Calling it the Energy Security Trust, Obama said there should be support for this idea "because it's not just about saving money, it's also about saving the environment. It's also about national security. Helps us free our families and our businesses from the painful spikes in gas once and for all."
"We can do this. The nature of America's miraculous rise has been our drive, our restless spirit our willingness to reach out to new horizons, our willingness to innovate. .. that's what Argonne National Lab is about."
The President's proposal sets aside $2 billion over 10 years and will support research into a range of
cost-effective technologies - like advanced vehicles that run on electricity, homegrown biofuels, fuel
cells, and domestically produced natural gas.
Obama said the proposal wouldn't cost new money. A fact sheet from the White House indicated: The mandatory funds would be set aside from royalty revenues generated by oil and gas development in Federal waters of the Outer Continental Shelf (OCS), already included in the administration's five year plan. These revenues are projected to increase over the next several years based on a combination of leasing, production, and price trends, with additional revenues potentially generated as a result of reforms being proposed in the FY 2014 Budget. The Trust is paid for within the context of the overall budget.