[Guest post by DRJ]
The Obama Administration doesn’t like fossil fuels:
“Our secretary of energy pushes bio-refineries and windmills to oil executives at an energy conference as the administration announces a three-year offshore drilling ban. This is a policy for economic suicide.
They don’t qualify as an official group of victims, but carbon-Americans, as they have been called, did not have much to cheer about last week, when Energy Secretary Steven Chu addressed CERAWeek 2010, a premier industry conference hosted by IHS Cambridge Energy Research Associates.
With an economy struggling to regain sound footing, Chu advocated a starvation diet devoid of additional fossil fuels that are to remain under the ground and seabed. Instead, he supports 53% more funding for wind research and a 22% jump for solar research.
Subsidizing alternative energy fits the classic definition of insanity. Despite huge subsidies, it has proved to be neither cost-effective nor a reliable, significant contributor to our national power grid. Yet we keep subsidizing it, expecting a different result.”
The Obama Administration and its Energy Department want to halt domestic offshore drilling even though the Energy Secretary acknowledges oil’s value:
“Oil is an ideal transportation fuel, so it will be with us for decades,” Chu conceded, even as the administration forbids us from getting more of it here, creating energy jobs, lowering energy costs and cutting our trade deficit. Instead we’ll rely increasingly on foreign and often unfriendly suppliers.”