Only a month ago BP – which not long ago promoted itself as “Beyond Petroleum” – released an “energy outlook” video that projected 99 percent of America’s energy will be supplied domestically by 2030, in part because it says the U.S. will grow production from renewable sources 202 percent by that time.
Just don’t expect BP to participate in the alleged alternative energy “boom.” The London-based petroleum producer announced last week it would dump its investments in U.S. wind energy projects, which were said to be worth $3.1 billion. It’s hard to believe they’re really worth that much, however, especially without government subsidies – not to mention the fact that BP is so easily discarding “assets” that are supposed to hold great value. The move follows a December 2011 announcement that the company would exit the solar business.
The past year was a dismal one for the passé idea that government would use taxpayer dollars responsibly, and that was nowhere more evident than with President Obama’s initiatives to promote “clean” energy technology companies and projects with so-called “stimulus” funds and other public money. NLPC reported extensively on some of the most egregious examples.
As U.S. solar companies struggled, quit the business or outright failed in recent years, the blame has been the same: “We can’t compete with China;” “They manufacture panels far cheaper than us;” “They dump their cheap products in our country;” and “China understands the future of renewables and we need to catch up.”
That excuse soon won’t fool people any more, according to a London Telegrapharticle from Wednesday.
Federal tax credits, loan and grant programs that expired at the end of last year have plugged the financial flow that made so-called “renewables” and electric vehicles viable, so they are now shedding employees and going bankrupt, illustrating that the “clean” industry owed its existence solely to government.
Two weeks ago, we asked whether Interior Secretary Ken Salazar considered himself above the law by ignoring court orders to resume the permitting process for deepwater drilling in the Gulf of Mexico. Now we learn that Salazar may have misled Congress and the public on the number of drilling permit applications he is ignoring.
BP Plc, whose Macondo well blowout in the Gulf of Mexico caused the worst offshore oil spill in U.S. history last year, co-owns the well that was granted the first deepwater drilling permit since the disaster.
BP is Noble Energy Inc's partner in the well, holding a 46.5 percent interest, BP said.
Interior Secretary Ken Salazar appears today before the Senate Energy and Natural Resources Committee. He will hopefully answer questions about his refusal to allow deepwater drilling to resume in the Gulf of Mexico, despite a federal judge twice ruling that the moratorium is illegal.
The BP oil spill was a disaster, but not as big of a disaster as the moratorium that followed. The granting of exactly one drilling permit to Noble Energy this week underscores just how cynical and politicized Salazar's response has been. Last week, Salazar said that he would not bow to "political pressure" to restart drilling, standing reality on its head.