Published on February 26th, 2013 | by Andrew Meggison
Obama’s Energy Security Trust
President Obama proposed in his State of the Union Address creating an Energy Security Trust to invest in research and technology that will “shift our cars and trucks off oil for good”.
America’s energy future is uncertain for sure; gas prices are up and down, the American electrical grid is not set up to accommodate a massive increase in electric vehicles, and the concern over America’s reliance on foreign oil still looms.
So what is an Energy Security Trust and how will it help? The proposal is to direct federal revenue from fossil fuel production (oil) towards clean energy investments. The revenue comes from leases that the federal government issues to energy companies looking to tap resources in public lands and or waters. This money will then go towards advancing America’s alternative fuel and energy research and implementation.
Some analysts are hailing this as a great leap forward on the alternative fuel front. Others are saying that this is just a new federal bureaucracy that will use federal dollars to make poor and unfounded investments – think Solyndra.
On the electric vehicle (EV) front , EVs did not make an appearance in this year’s State of The Union – in sharp contrast to last years. Interestingly on January 31st the Department of Energy (DOE) said that the agency would no longer hype Obama’s million EV car goal mentioned at the previous State of the Union. Instead the DOE will promote alternative fuel vehicles of all types not just EVs.
Andrew Meggison was born in the state of Maine and educated in Massachusetts. Andrew earned a Bachelor’s Degree in Government and International Relations from Clark University and a Master’s Degree in Political Science from Northeastern University. Being an Eagle Scout, Andrew has a passion for all things environmental. In his free time Andrew enjoys writing, exploring the great outdoors, a good film, and a creative cocktail. You can follow Andrew on Twitter @AndrewMeggison