[Ed. note: On August 27, 1997, the Cato Institute published Policy Analysis #280, which criticized the government push to subsidize politically correct renewable energy, particularly solar and windpower. Today and tomorrow, different authors revisit what was the free-market-movement’s first full-scale rebuttal, on economic and environmental grounds, to so-called “green” energy policy .]
“The policy implication of [a thorough examination of renewable technologies] is, stop throwing good money after bad. All renewable energy subsidies from all levels of government should cease.”
Such is the conclusion voiced today by a rising chorus of energy experts, economists, even politicians, after many years of failed renewables projects and more expensive utility bills in the growing shadow of a $16 trillion national debt ($140,000 per taxpayer). But, remarkably, fifteen years have passed since Rob Bradley crafted this statement for the Cato Institute as the bottom line of his comprehensive six-part policy alarum, Renewable Energy: Not Cheap, Not ‘Green’‘
An Opening Shot
Few knew about or shared Bradley’s concerns at the time.…
Continue ReadingAfter oil and gasoline prices continued their relentless march up earlier this year, it was nice to have some relief at the pump in May and June. However, since the end of June, prices of WTI crude oil is up over 15%, Brent crude oil is up about 25%, and retail gasoline is up over 7%. Oil and gasoline prices reached three-month highs last week and the Energy Information Administration (EIA) increased their 2012 forecasts of these prices.
There is no doubt that these higher prices will grab the attention of news outlets, policy makers, and the public. With this increased attention, political rhetoric regarding fantasies of governmental regulations and market manipulations will likely reemerge as catalysts to lower these prices.
The less likely scenario is increased awareness on the impacts that central banks, particularly the Federal Reserve, have on these petroleum prices by changes in the money supply.…
Continue ReadingYesteryear’s climate extremes are today’s climate normals. Yet we are largely oblivious and better off. A hundred years from now the same will be true. Ho hum….
But not everyone thinks this way. Take NASA’s James Hansen for example.
Hansen has recently published a prominent paper (in the Proceedings of the National Academy of Sciences, PNAS) and placed a prominent op-ed (in the Washington Post) that are aimed at raising the public’s awareness of the impacts of climate change, both now and in the future. In a rather candid admission for a scientific paper (and one which in most cases would have resulted in an immediate rejection), Hansen (and co-authors) proclaim that “…we were motivated in this research by an objective to expose effects of human-made global warming as soon as possible…” To drive the point home further, Hansen’s op-ed was headlined “Climate change is here — and worse than we thought.”…
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