WASHINGTON (March 16, 2013)--President Barack Obama said Saturday the U.S. must shift cars and trucks off oil for good so the public can avoid spikes in gasoline prices.
In his weekly radio and Internet address, Mr. Obama promoted a plan to direct $200 million a year into an energy security trust to fund research for alternatives like electric car batteries and biofuels.
He said the trust would use revenues from federal leases on offshore drilling without adding to the deficit.
Mr. Obama said investing in clean energy will help create jobs.
He's envisioning cars that can one day go coast to coast without using any oil.
In the Republican address, House Budget Committee Chairman Paul Ryan of Wisconsin said Republicans have a plan to balance the federal budget in 10 years by cutting spending.