http://dailysignal.com/2015/05/08/the-death-of-the-green-energy-movement/
The green energy movement in America is dead. May it rest in peace. No, a majority of American energy over the next 20 years is not going to come from windmills and solar panels. One important lesson to be learned from the green energy fad’s rapid and expensive demise is that central planning doesn’t work.
What crushed green energy was the boom in shale oil and gas along with the steep decline in the price of fossil fuel that few saw coming just a few years ago.
A new International Energy Agency report concedes that green energy is in fast retreat and is getting crushed by “the recent drop in fossil fuel prices.” It finds that the huge price advantage for oil and natural gas means “fossil plants still dominate recent (electric power) capacity additions.”
This wasn’t supposed to happen but it did.
Barack Obama told voters that green energy was necessary because oil is a “finite resource” and we would eventually run out. However when fracking and horizontal drilling technologies burst onto the scene, U.S. oil and gas reserves nearly doubled almost overnight. Oil production from 2007-2014 grew by more than 70 percent and natural gas production by nearly 30 percent.
Billions upon billions were wasted on failed Green Energy by the administration. The tragedy of government as venture capitalist is that the politicians lose our money. These government-backed technologies divert private capital away from potentially more promising innovations.
Who knows if renewables will ever play a significant role in America’s energy mix. But if it does ever happen, it will be a result of market forces, not big government waste.
That subsidized Chevy Volt turned out to be roaring success, didn’t it. :monsters-
The green energy movement in America is dead. May it rest in peace. No, a majority of American energy over the next 20 years is not going to come from windmills and solar panels. One important lesson to be learned from the green energy fad’s rapid and expensive demise is that central planning doesn’t work.
What crushed green energy was the boom in shale oil and gas along with the steep decline in the price of fossil fuel that few saw coming just a few years ago.
A new International Energy Agency report concedes that green energy is in fast retreat and is getting crushed by “the recent drop in fossil fuel prices.” It finds that the huge price advantage for oil and natural gas means “fossil plants still dominate recent (electric power) capacity additions.”
This wasn’t supposed to happen but it did.
Barack Obama told voters that green energy was necessary because oil is a “finite resource” and we would eventually run out. However when fracking and horizontal drilling technologies burst onto the scene, U.S. oil and gas reserves nearly doubled almost overnight. Oil production from 2007-2014 grew by more than 70 percent and natural gas production by nearly 30 percent.
Billions upon billions were wasted on failed Green Energy by the administration. The tragedy of government as venture capitalist is that the politicians lose our money. These government-backed technologies divert private capital away from potentially more promising innovations.
Who knows if renewables will ever play a significant role in America’s energy mix. But if it does ever happen, it will be a result of market forces, not big government waste.
That subsidized Chevy Volt turned out to be roaring success, didn’t it. :monsters-
