In a speech at a university in Las Vegas today, President Barak Obama punctuated his plan to “further” stimulate private-sector expansion and help grow the economy by spurring additional investment in renewable energy businesses. He said in his speech, “An economy that was shrinking, is now growing”; he then went on to rave about the success of the his administration’s stimulus initiatives which are facilitating growth in the renewable energy sector.
Obama said a $2.3 billion energy tax credit program he started last year to spur investment in renewable energy was so successful, demand for the money outpaced the amount available. He said he wants Congress to invest $5 billion more in clean-energy manufacturing tax credits. Such funds would generate 40,000 jobs, Obama said.
Let us very simply examine the benefits and trade-offs of renewable energy based on EPA standards and the forecasted financial offset which will precipitate–also in the president’s own words– in the wake of this unprecedented and unwelcome government intervention in the energy and materials markets:
(1) The go-green movement wants to limit oil production, thereby reducing our carbon footprint….This sounds like a noble cause, so far.
(2) Prices will necessarily skyrocket on ALL goods and services. Also, a shortage of oil and gas due to the drilling moratorium in offshore waters will result in higher prices in oil and gas feedstocks used to make “chemicals”, which are utilized in the manufacturing process of almost ”everything“……This is terrible news. With this offset, hopefully the environmental benefit would outweigh the economic burdens. See point 3 and 4 below.
(3) The manufacturing process used to construct renewable energy products provides no net emissions of hazardous chemicals. I don’t think so
(4) The disposal of renewable energy products is totally environmentally friendly. Maybe not
(5) Jobs will increase and mankind will prosper forever on this planet if we use renewable energy. Probably not
(6) If the above considerations are dubious at best, what could be the actual motivations of the go-green movement?