The whole idea of green energy—renewable resources—grew out of an energy reality that was much different from today’s. It was in the 1970s, following the OPEC Oil Embargo that solar panels began popping up on rooftops and “gasohol” subsidies were enacted. It was believed that green energy would move the U.S. off of foreign oil and prevent oil from being used as a weapon against us.
Today, that entire paradigm has been upended and OPEC’s power has been virtually neutered by increasing domestic oil production and decreasing gasoline consumption.
Jay Lehr, Heartland Institute science director, likens continuing “as though our new energy riches did not exist” to “ignoring our telecommunication revolution by supporting operator-assisted telephones with party lines.”
Instead of growing our gas, we need to be growing food that can feed a hungry world and balance out the U.S. trade deficit.
In a November 17 editorial, the Wall Street Journal (WSJ) perfectly sums up the current renewable resource status: “After 35 years of exaggerations about the benefits of renewable fuels, the industry has lost credibility.” Similarly, on the same day, the Washington Post (WP) went a step further, stating that ethanol “has been exposed as an environmental and economic mistake.”
It seems that ethanol is an idea whose time has come—and gone.
Mandated for blending into America’s gasoline supply in 2007 through the Energy Security and Independence Act, ethanol now has an unlikely coalition of opponents—including car and small-engine manufacturers, oil companies and refiners, and food producers and environmental groups.
A national movement is growing and calling for the end of the ethanol mandates that, according to the WSJ, have “drained the Treasury of almost $40 billion” since the first gasohol subsides were enacted in 1978. Realize the word “Treasury,” used here, really means “taxpayer.”
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Thursday April 17th, 2014 | John Ransom
New Time 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for Wednesday April 16th, 2014 | John Ransom