Wednesday, January 26, 2011

Obama nixes oil subsidies, touts biofuels and electric cars



President Obama called Tuesday for an end to federal subsidies for oil companies, proposing instead to use the money to promote biofuels and electric vehicles."With more research and incentives, we can break our dependence on oil with biofuels, and become the first country to have 1 million electric vehicles on the road by 2015," Obama said in his State of the Union Address to Congress. He set a goal of having 80% of U.S. electricity come from clean energy sources -- which he described as solar, wind, clean coal, natural gas, nuclear power -- by 2035.

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