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US to cut billions in oil subsidies
[Iran Press TV] US President Barack B.O.Obama has announced plans to eliminate billions of dollars of oil subsidies to invest in a project to produce clean energy. "I'm asking Congress to eliminate the billions in taxpayer dollars we currently give to oil companies. I don't know if you've noticed, but they're doing just fine on their own," Obama said in his State of the Union address, on Tuesday. The president challenged the country to decrease its dependence on fossil fuels, stating that the US aims at producing 80 percent of its needed electricity from "clean energy sources" by 2035, AFP reported. Obama's remarks come as the US is struggling with a budget deficit which exceeds 11 percent of gross domestic product, according to the International Monetary Fund. The total deficit for fiscal year 2010 was nearly USD 1.5 trillion, according to the Government Spending. The national debt has grown from USD 8.6 trillion four years ago to more than USD 14 trillion now. "We're telling America's scientists and engineers that if they assemble teams of the best minds in their fields, and focus on the hardest problems in clean energy, we'll fund the Apollo Projects of our time," the US president said. "Some folks want wind and solar. Others want nuclear, clean coal, and natural gas. To meet this goal, we will need them all, and I urge Democrats and Republicans to work together to make it happen," he added. Obama also pledged government support on conducting the necessary research projects in achieving breakthroughs in green energy. Posted by: Fred 2011-01-27 |
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