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State of the Union Address Calls for Energy Security Trust

The proposal suggests the White House will redouble its support for electric vehicles and biofuels in effort to shift America away from reliance on petroleum.

Published: 13-Feb-2013

WASHINGTON -- President Obama on Tuesday called for the creation of an "Energy Security Trust" that would fund the development of new vehicles "to shift our cars and trucks off oil for good."

The proposal, outlined in his State of the Union address and coming at the start of Obama's second term, suggests the White House will redouble its support for electric vehicles and biofuels, which received significant government funding and tax credits during the president's first term.

Jobs in alternative energy and sales of plug-in hybrids and battery-electric vehicles have lagged behind the Obama administration's early hopes, though combined U.S. sales of EVs and plug-in hybrids tripled in 2012 to about 53,000.

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