White House: Green Energy Fund Should Be Created By Congress

White House Asks For Green Energy Fund
President Barack Obama, waves as he leaves the White House in Washington, Wednesday, Feb. 13, 2013, for Arden, N.C. and the Linamar Corporation to discuss proposals, unveiled in his State of the Union speech, that focus on strengthening the economy for the middle class and those striving to get there. (AP Photo/Manuel Balce Ceneta)
President Barack Obama, waves as he leaves the White House in Washington, Wednesday, Feb. 13, 2013, for Arden, N.C. and the Linamar Corporation to discuss proposals, unveiled in his State of the Union speech, that focus on strengthening the economy for the middle class and those striving to get there. (AP Photo/Manuel Balce Ceneta)

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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