Obama Doubles Down On Dim Renewable Energy Plan
A new report by a White House-appointed commission concluded that the U.S. could lose as much as $2.7 billion as a result of the loans offered to the renewable energy industry. – IBD Editorials
From IBD Editorials
Meanwhile, consumers are losing. Gas prices aren’t showing any signs of decreasing. The president’s thumbs-down to the Keystone XL pipeline cost the U.S. thousands of new jobs, economic growth and energy price stabilization.
…. every dollar spent producing more expensive renewable energy is money that could be used for producing jobs and spurring economic growth. …. as in recent years each 1% increase in GDP has been accompanied by a 0.2% increase in energy use.
Simply put, it takes more power to turn on more light switches in more plants that employ more people.
USA Today recently reported “households paid a record $1,419 on average for electricity in 2010, the fifth consecutive yearly increase above the inflation rate.” This “jump has added about $300 a year to what households pay for electricity. That’s the largest sustained increase since a run-up in electricity prices during the 1970s.”
… Department of Energy analysis shows that by 2035 the mandate will raise electricity prices by 20% to 27% and reduce GDP by $124 billion to $214 billion.
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