As President Obama’s Environmental Protection Agency continues to receive much-needed scrutiny as it conducts its reign of terror (“crucifying”) on fossil fuel industries, yet another renegade regional administrator has been shown in full alliance with environmental extremists in pursuit of regulations to kill oil and coal. Natural gas isn't far down the hit list.
Renewable-loving Los Angeles is showing that even the power of billions of dollars in taxpayer “stimulus” cannot overcome the dominant hand of government regulation, and ironically it’s costing President Obama more green jobs.
CBC News reports that an Ontario General Motors' plant where Chevy Impalas and Equinoxes were built will be closed down, costing Canadians around 2,000 jobs. GM reportedly plans to partially move production of the Impala to its Detroit-Hamtramck assembly plant in Michigan. You may remember the Hamtramck site from the Chevy Volt commercial which trumpeted the building of Volts there. It now seems that low demand for the Volt has led to the plant having enough time to build other, conventionally-powered vehicles. While the Volt may have been the car GM "had to build," it appears that consumers would "prefer" them to build cars like the Impala.
General Motors reported that Chevy Volt sales for May came in at a paltry 1,680. To put this in perspective, GM sold 29,579 Chevy Malibus during the month. The funny thing is, I do not recall seeing as many TV ads for the Malibu as I have for the Volt. While GM's ad strategy (which has seen the company discontinuing advertising on Facebook and the Super Bowl) has received much attention, auto journalists and analysts do not seem to want to question the reason why GM is spending such a disproportionate amount of money advertising a vehicle that is losing money for the company and its shareholders.
As Americans grow increasingly skeptical about global warming, and the availability of shale oil and natural gas is greater than ever in the U.S., a federal official based in Colorado says the climate threat is so dire that electric utilities should not plan long-term for the development of natural gas power plants.
The Department of Transportation and NHTSA have announced that a "technical symposium" will be held on May 18th "to discuss safety considerations for electric vehicles powered by lithium-ion (Li-ion) batteries." In addition to NHTSA's presentations, the Department of Energy, automotive manufacturers and battery makers will participate. Given the bias of the participants, the symposium sounds like it is going to be less informational and more infomercial.
The three top U.S. tycoons on Forbes’s “Green” billionaires list have received billions of dollars in taxpayer subsidies for their clean technology companies, after they spent hundreds of thousands of dollars for political campaigns and lobbying.
When JPM Chase reported that it had lost $2 billion recently on risky derivative trades, the predictable call came from the Obama Administration to increase regulation on banks. The hypocrisy of the politically motivated proclamations becomes evident when you compare the JPM trades to Treasury's continued gamble on its taxpayer funded stake in General Motors, which has suffered an approximate $5 billion loss in value over the past year.
The Obama Administration has become quite the expert on bankruptcy filings. The Detroit Free Press reports that the third auto bailout partaker, Ally Financial, has filed bankruptcy for its mortgage subsidiary, ResCap. The government still owns 74% of Ally, and now has an 0 for 3 record on restructuring bailed out auto-related companies outside of bankruptcy.
Now that Nissan believes it has captured all the “early adopters” of its all-electric Leaf, its North American subsidiary plans to market the 73-mile-per-charge (they used to say it was 100 miles) vehicle to “pragmatists.”
These practical patrons, according to Executive Vice President Andy Palmer, will not be drawn from the limited ranks of environmental activism, but instead will consist of everyday Joes “who will see the dollars-and-sense benefits of driving one,” reportsUSA Today.