President Barack Obama in a speech on Friday in Illinois will put a $2 billion price tag on the energy security trust he announced earlier this year with an aim to reduce the nation's dependence on foreign oil and lower pollution.
Obama said in his State of the Union address on Feb. 13 that the trust "will drive new research and technology to shift our cars and trucks off oil for good."
The trust would fund research of alternative energy sources and cost-effective energy technologies. The $2 billion, which is to be spent over 10 years, is a sum the White House says can be paid by royalties generated from offshore oil and gas production.
Finding ways to make more cars and trucks run on electricity and domestic fuels will help insulate Americans from gas price spikes, reduce foreign oil dependence and help the environment, the White House argues.
Obama will make his pitch during a 2:30 p.m. ET speech at Argonne National Laboratory in Argonne, Ill.
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