President Obama Proposes Energy Security Trust to Reduce U.S. Oil Dependence

March 17, 2013

In his 2013 State of the Union address and again in a major speech at Argonne National Laboratory on March 15, 2013, President Obama proposed the creation of a new Energy Security Trust Fund, using a portion of federal revenues from offshore oil and gas development.

The 10-year, $2 billion proposal would seek to reduce dependence oil by investing in research and pilot deployment projects for vehicles that run on electricity, biofuels, and natural gas. The initiative requires action by Congress, which has not yet moved to take up the proposal.