Obama Unveils High-Speed Rails

As part of President Obama's effort to reduce dependence on oil, $8 billion of the economic stimulus will be dedicated to an upgrade of America's railroad system over the next four years. "My high-speed rail proposal will lead to innovations that change the way we travel in America," Obama said, adding that the investment was "long overdue." Reuters reports that the first grants for rail projects could be awarded as early as this summer. Obama's vision involves a network of high-speed rails in numerous corridors throughout the country that would reduce cars on the road and compete with travel by plane. Experts foresee the cost of high-speed rail development requiring substantial investment from the private sector.