White House Wants Congress to Create $2B 'Green Energy' Fund

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.