Over the past four years, as part of our all-of-the-above energy strategy, we’ve taken steps to soften that blow by making sure our cars use less gas. We’ve put in place the toughest fuel economy standards in our history so that by the middle of the next decade, our cars will go twice as far on a gallon of gas. Over the life of a new car, the average family will save more than $8,000at the pump.
But the only way we’re going to break this cycle of spiking gas prices for good is to shift our car sand trucks off of oil for good. That’s why, in my State of the Union Address, I called on Congress to set up an Energy Security Trust to fund research into new technologies that will help us reach that goal.
Here’s how it would work. Much of our energy is drawn from lands and waters that we, the public, own together. So I’m proposing that we take some of our oil and gas revenues from public land sand put it towards research that will benefit the public, so that we can support American ingenuity without adding a dime to our deficit.