Electric cars... $25 billion to promote, yet none on the street...

Electric powered cars are so close within our grasp. The Energy Department has $25 billion to make loans for the manufacturing of these cars, but no money has been allocated yet, despite the 75 companies who applied. President Obama's campaign promise of having one million electric cars on the roads by 2015 has yet to start. These loans are supposed to fulfill this promise. Congress is starting to wonder WHY these loans are not being made. The Energy Department will also be receiving another $2 million for the $787 billion stimulus package. This money is supposed to focus on developing advanced battery technology needed to power electrical cars. These batteries will be more durable, safer and cheaper than anything offered today. The Department finally set deadlines for issuing money. The first loans will be made by late April or early May.

This sounds promising for all the automakers out there, however, there is fine print. Money can only be given to companies and projects that are deemed financially viable. This could possibly exclude GM and Chrysler who have applied for a combined $13 billion from the Energy Department. GM is requesting $8.3 billion using a portion of the money towards the Chevy Volt, a plug-in hybrid. Ford is asking for $5 billion for a variety of electric car retooling. Chrysler is asking for $5 billion. Nissan has also applied for a loan. Other applications also include battery developers.

This new innovation and trend is rising rapidly. People are interested in more economical ways of living. "Green" products are all the rage, as well as high gas mileage with the skyrocketing gas prices. Together the combination is lethal. Today people are more conscious of what they are doing to the earth and how they affect it. We have to get around in a timely manner. There is no way around that. This gives people a way to feel better about themselves and what they are doing to the environment, all while saving money in the long run.

Original article from nytimes.com:
http://www.nytimes.com/2009/02/27/business/energy-environment/27green.html?hp