White House: Green Energy Fund Should Be Created By Congress

02/13/2013 10:57 am ET | Updated Apr 15, 2013

WASHINGTON, Feb 13 (Reuters) - The White House is asking lawmakers to create a $2 billion Energy Security Trust from federal oil and gas revenue to promote renewable energy, an official memo released on Wednesday said.

"This $2 billion investment will support research into a range of cost-effective technologies - like advanced vehicles that run on electricity, homegrown biofuels, and domestically produced natural gas - will be funded by revenue generated from federal oil and gas development," according to a White House memo explaining the initiative. (Reporting By Patrick Rucker; Editing by Vicki Allen)

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