During his State of the Union address President Obama said he proposes setting up an energy security trust fund to fund clean energy research. Here we go again!
Here are my comments: I’m always concerned when the government thinks it knows what direction our products should be taking. In this case, it’s saying automobiles should no longer use oil. Well, what if gasoline made from oil is the cheapest, most effective means of moving 2,000 or 3,000 pound vehicles across the United States? You want to do it regardless of that fact?
I am also concerned that the trust will not be funded from new oil and gas revenues rather existing revenues.
So, in that case, there are going to be government programs cut some place, or we’re going to deficit spend more to fund this project. Those are our two choices, because he’s not talking about expanded drilling on public lands.