This paints the unpleasant picture made by so called green energy
investments shored up by federal financing. The lack of a creditable
business model caused me to dismiss them a long time ago long before
they even happened. They all needed real subsidies to build out.
Once built, it is normally possible to operate on a break even basis
but little else. And that is the real problem.
The capital has actually been destroyed.
The capital has actually been destroyed.
We have exactly the same proposition haunting the fracking business.
The initial flush has to pay off the well or the rapid decline will
make it impossible. That this decline rate is still controversial is
now disturbing because enough time has elapsed to actually know. We
may actually be destroying vasts amount of capital while feeding our
market with capital subsidized oil and gas.
All this is a set up for a perfect storm of collapsing energy
supplies and related disruption globally. What this means is that
the flags are red for green energy and amber for fracked fuel. I am
not too concerned yet, but am wary.
This Energy Sector
is Collapsing
By Keith Kohl
Thursday, January
10th, 2013
After countless big promises (and billions of taxpayer
dollars), wind, solar and geothermal provide a mere 9% of America's
energy needs.
Just one look at Solyndra, the once-heralded solar company, sums
up the whole "green" scam quite nicely...
These guys alone leached $535 million (more than half a billion
dollars!) in public funds before going belly-up and undergoing an FBI
investigation.\
But they're far from
the only culprits in this whole fiasco...
Just a couple of months ago, a company by the name of Himin Solar
had their IPO terminated and was suspended from the stock exchange
entirely.
Then there's BrightSource Energy, the outfit bailed out by Obama
last year despite being $1.8billion in debt.
The scary thing is
these are only a few names on a long list of companies just like
them...
In just the last year alone, dozens of other solar, wind, and
geothermal firms filed for bankruptcy or are on the verge of doing
so... after gorging themselves on $90 billion of OUR money.
Take a look at a short
list of the biggest "green" scam artists in recent memory:
-
- First Solar, one of the world's largest solar companies, slashed 2,000 jobs in April — after increasing executive and CEO pay to $50 million...
- Willard & Kelsey Solar Group lent its executives $500,000 and paid them $1 million — beforebeginning operations...
The entire "green" disaster has spun so far out of
control that even Al Gore's company is dumping its holdings in green
energy stocks.
According to the Washington Post, Al Gore is "50 times
richer than when he left the vice-presidency in 2001," making
him "$100 million partly through investing in alternative energy
firms subsidized by the Obama administration."
I mean, if renewable energy was anywhere close to being
a viable power source, it wouldn't need a penny from taxpayers.
But since 80% of all
the "green" subsidies and loans went to generous donors of
President Obama, it's plain to see that "green energy"
firms are little more than fronts for crooks (and former
vice-presidents) to pick your pocket.
And get this: In August it was revealed that the Wall Streeter in
charge ofindependently reviewing the loans — and who claimed
they all carried "minimal risk" — is also a
major donor.
And as outrageous as all of this, it gets worse. Because instead
of giving up on the green energy pipe dream, the U.S. government
is doubling down on it.
Just last year the
Department of Energy awarded $43 million in grants to 41 wind energy
research and development projects.
And in March, President Obama enacted a plan in which the U.S.
Army partnered with favored firms to develop renewable energy
sources.
The U.S. government has fought tooth and nail against letting
Americans develop the tried and true energy resources that helped
make our country an economic powerhouse.
Whether nixing the Keystone XL Pipeline... blocking deepwater
drilling... imposing carbon taxes... or waging war on fracking...
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