In his first energy speech of his second term, “President Barack Obama tried to move past partisan fights over energy policy on Friday with a modest proposal to fund research into cars that run on anything but gasoline.” The “modest proposal” is what he introduced in the State of the Union Address: an Energy Security Trust (EST)—which is a central part of his economic strategy.
The idea for an EST was developed by a collaboration of high-volume oil consumers and military leaders concerned about US energy security—put forth through a report titled “A National Strategy for Energy Security: Harnessing American Resources and Innovation.” The unique backgrounds of the advocates garnered attention from both sides of the aisle. However, a key component of the Trust was omitted from the President’s Friday speech: increased domestic energy development—the piece that, according to one of the idea’s developers, was designed to win bipartisan support and “keep both sides engaged.”
In response to Obama’s presentation of an EST—which would set aside royalties from oil and gas extracted on federal lands and direct them toward research and development for transportation technologies that reduce our dependence on oil—House Speaker John Boehner’s office says: “For this proposal to even be plausible, oil and gas leasing on federal land would need to increase dramatically. Unfortunately, this administration has consistently slowed, delayed and blocked American energy production.”
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