This is a lot of money, but it's still small compared to the tax credits that Big Oil receives every year. One would think that after a hundred years or so, Big Oil could figure out the business model and no longer need handouts but somehow they keep coming. The Guardian:
Another week, another car talk. Barack Obama stopped by a North Carolina truck factory on Wednesday to announce $1bn in tax credits and grants for alternative-energy cars and trucks. It was Obama's third speech on cars and fuel in an election battleground state in three weeks. The president has travelled from New Hampshire to Florida and now North Carolina to insulate himself from Republican attacks on rising gas prices and the on-again, off-again Keystone XL tar sand pipeline ahead of the general election. "We can't just keep on relying on the old ways of doing business. We can't just rely on fossil fuels from the last century. We've got to continually develop new sources of energy," Obama said in his speech at the Daimler truck plant in Mount Holly North Carolina.