Daily Outlook - August 5 - Energy.

<strong>Obama to announce $2.4 billion for green vehicle batteries </strong>

President Barack Obama will announce $2.4 billion in grants on Wednesday for the production of batteries for hybrid and electric vehicles. Forty-eight projects are expected to be selected among 25 states. The big three General Motors Corp., Ford Motor Co. and Chryslter Group may be included in the awarded projects but the White House will not disclose recipients, Reuters reports.

<strong>U.S. Energy secretary to discuss economy</strong>

U.S. Energy Secretary Steven Chu will discuss with workers in Charlotte, North Carolina, about the national economy including steps taken by the Obama administration for economic recovery and long-term investments. His remarks are scheduled for 12:30 p.m. today.

<strong>Devon Energy earnings declined </strong>

Devon Energy Corporation reported second quarter earnings of $314 million or 71 cents per share compared to $1.3 billion or $2.91 per share in the same period a year ago attributing the decline to lower prices for oil, natural gas and natural gas liquids. The company also said its production climbed to record levels.