President Barack Obama wants to divert some of the revenues the federal government receives for oil and gas drilling to help find ways to shift to cleaner energy sources like battery power and hydrogen fuel cells.
In his State of the Union address, the president noted that there are significant new revenues being raised by leasing rights for expanded oil and natural gas production on public lands. He envisions using some of that to fund a new Energy Security Trust.
“If a nonpartisan coalition of CEOs and retired generals and admirals can get behind this idea, then so can we,” Obama said. “Let’s take their advice and free our families and businesses from the painful spikes in gas prices that we have put up with far too long.”