Obama plans $2 billion alternative fuel spending

No, it won't add to the deficit. But that doesn't mean it isn't a horrible idea as the government once again takes on the role of deciding winners and losers. The Hill: A key part of that plan, according to the White House, is the creation of an "Energy Security Trust," in which some offshore drilling royalties would be steered into development of technologies that help curb reliance on oil for transportation. The money - $2 billion over a decade - would support research into advancing technology around electric vehicles, biofuels, fuel cells, and natural gas-powered vehicles, according to the White House. Using those funds, via the new energy trust, would allow Washington to "support American ingenuity without adding a dime to our deficit." Clean energy technologies, such as vehicles that run on biofuels or natural gas, would let drivers "one day go coast-to-coast without using a drop of oil," Obama said on Saturday. Sen. Lisa Murkowski (R-Alaska) the top...(Read Full Post)