In this weekly address, President Obama tackles energy policy and discusses the Energy Security Trust proposal:
"We went through another spike in gas prices, just like last year, and the year before that. It happens every year. It's a serious blow to your budget - like getting hit with a new tax coming right out of your pocket.
Over the past four years, as part of our all-of-the-above energy strategy, we've taken steps to soften that blow by making sure our cars use less gas. We've put in place the toughest fuel economy standards in our history so that by the middle of the next decade, our cars will go twice as far on a gallon of gas. Over the life of a new car, the average family will save more than $8,000 at the pump.
But the only way we're going to break this cycle of spiking gas prices for good is to shift our cars and trucks off of oil for good. That's why, in my State of the Union Address, I called on Congress to set up an Energy Security Trust to fund research into new technologies that will help us reach that goal.
Here's how it would work. Much of our energy is drawn from lands and waters that we, the public, own together. So I'm proposing that we take some of our oil and gas revenues from public lands and put it towards research that will benefit the public, so that we can support American ingenuity without adding a dime to our deficit. We can support scientists who are designing new engines that are more energy efficient; developing cheaper batteries that go farther on a single charge; and devising new ways to fuel our cars and trucks with new sources of clean energy - like advanced biofuels and natural gas - so drivers can one day go coast-to-coast without using a drop of oil.
Now, this idea isn't mine. It actually builds off a proposal put forward by a non-partisan coalition of CEOs and retired generals and admirals. So let's take their advice and free our families and our businesses from painful spikes in gas prices once and for all."
President Obama's Weekly Address: