President Obama’s Fiscal Year 2015 budget proposal calls for an extension of a tax credit for cellulosic biofuels and puts forward the idea of cutting billions in fossil fuel subsidies. The proposed budget also calls for $4 billion in annual cuts to fossil fuel subsidies to oil, gas and other fossil fuel producers.
Furthermore, the budget calls for establishing an Energy Security Trust of $2 billion invested over 10 years. The money would be drawn from revenues generated from Federal oil and gas development and would help support research and development in technologies such as advanced vehicles that run on homegrown biofuels, electricity, renewable hydrogen and domestically produced natural gas. Read more here.