White House releases fact sheet on Obama's energy plan

White House

The White House has released a fact sheet outlining the details of President Barack Obama’s energy plan, including his intention to increase funding for the Interior Department’s Bureau of Land Management energy programs by 20 percent in Obama’s budget request.

“A significant share of these resources will support better permitting processes for oil and gas, renewable energy, and infrastructure, including the transition to an electronic, streamlined system for oil and gas permits that will significantly reduce the time for approval for new drilling projects,” the fact sheet states.

According to the fact sheet, Obama set a goal to permit 10,000 MW of renewable energy on public lands in 2012, which the Department of the Interior achieved.

Obama’s plan also calls for funding for various other energy programs, including setting aside $2 billion over 10 years for an Energy Security Trust that is “designed to invest in breakthrough research that will make the technologies of the future cheaper and better – technologies that will protect American families from spikes in gas prices and allow us to run our cars and trucks on electricity or homegrown fuels,” according to the fact sheet.

The budget proposed by Obama will also include more than $40 million in research to “ensure safe and responsible natural gas production” and include significant funding for clean coal technology and a $25 million prize for the first natural gas-fired combined cycle power plant to integrate carbon capture and storage. This money be part of a $375 million investment in cleaner energy from fossil fuels, according to the fact sheet.

Obama’s plan will also challenge the U.S. to double renewable electricity generation from 2012 levels by 2020. According to the fact sheet, Obama has called on Congress to make the renewable energy Production Tax Credit permanent and refundable.

“Instead of continuing century-old subsidies to oil companies, the president believes that we need to invest in the energy of the future,” the fact sheet states.

Other issues addressed by the fact sheet include setting a goal to cut net oil imports in half by the end of the decade, establishing a goal to double American energy productivity by 2030 and supporting a responsible nuclear waste strategy.

The fact sheet is available online by clicking here.

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