U.S.Legislators Grant Billions to Electrify Auto Industry Fearing Foreign Oil Security Risks

Over the last two years, U.S. legislators have given out over $2 billion in grants and loans to companies for the research and development of energy efficient green technologies for the nation’s auto industry.

A major motivator is fear. The latest government report - The Recovery Act: Transforming the American Economy through Innovation - found that, “Oil powers 95 percent of America’s cars, trucks, ships, planes, and rail cars.

“The United States is the largest oil consumer and importer in the world and relies on imports for more than half of its oil consumption. This dependence on oil is an energy security threat and increases U.S. economic vulnerability.” Additionally, it acknowledges that, “The environmental impact of petroleum-powered vehicles is also a rising concern.”

The bulk of the grant money to the auto industry has gone into building factories and facilities for improving electric vehicles, new battery technologies, electric power trains, and the development of charge stations.

The report speculates that, “Today, an American driving 32 miles a day to and from work will spend almost $1,000 a year on gasoline, each day adding to U.S. dependence on foreign oil. A consumer driving an electric car would save over $630 per year powering the car with electricity generated in American power plants instead of gasoline made from imported oil.”

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