Obama to Eliminate Oil Subsidies; Sets 80% Clean Energy Target

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"Obama dubs clean energy development 'the Apollo Projects of our time.'"

obama state of the union energy

U.S. President Barack Obama's State of the Union speech may have sent shivers up the spines of oil executives as he laid out his vision for a clean energy future; indicating the end of the oil subsidy gravy train.

President Obama said he is telling America's scientists and engineers that if they focus on the hardest problems in clean energy, "we'll fund the Apollo Projects of our time." He has set a new target of 80% of America's electricity to come from clean energy sources by 2035.

To help pay for alternative fuel projects, President Obama says he is asking Congress to eliminate the billions in taxpayer dollars currently given to oil companies and stated, "I don't know if you've noticed, but they're doing just fine on their own. So instead of subsidizing yesterday's energy, let's invest in tomorrow's."

With more research and incentives, Obama believes the USA can break its dependence on oil with biofuels, and become the first country to have 1 million electric vehicles on the road by 2015.

Obama urged Democrats and Republicans to work together to make these visions a reality. Obama will be sending a budget to Congress with a special focus on clean energy technology investment, an investment he says "will strengthen our security, protect our planet, and create countless new jobs for our people."

President Obama also acknowledged Congresswoman Gabby Giffords , a staunch solar energy supporter, who was gunned down outside a supermarket in Casas Adobes, a suburb of Tucson, Arizona .Congresswoman Giffords survived the shooting and is currently preparing to undergo a program of physical therapy and rehabilitation.

Read the full transcript of Obama's State of the Union speech.

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