US senator Hillary Clinton (D-N.Y.) today proposed creating a "strategic energy fund" to boost investment in alternative fuels and renewable energy by taxing oil company profits and eliminating tax breaks for oil production. Clinton said her proposal would raise 50 dollars billion to fund research, development and deployment of new energy technologies to reduce US oil dependence and greenhouse gas emissions. The money would come from a temporary "fee" on major oil company profits that exceed a 2000-2004 profit baseline. One of the major goals of the program is to reduce US oil imports 50 pct, or 8 million bl/d by 2025.
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