Green energy is being crushed. Over the next 20 years, most of America’s energy is not going to come from windmills and solar panels, writes economist Stephen Moore. With the boom in shale oil and gas and the steep decline in the price of fossil fuel, marketing wind power in an environment of $3 natural gas is “like trying to sell sand in the Sahara.” And with gasoline at $2.50 a gallon, the sales of electric vehicles have stagnated.
At least private-sector investors have lost their own money in these foolish bets on bringing back energy sources from the Middle Ages like wind turbines. The tragedy of government as venture capitalist is that the politicians lose our money. These government-backed technologies divert private capital away from potentially more promising innovations.
Read Moore here, who suggests that perhaps the Obama administration needs to rethink lavishing more subsidies on the Solyndras of the world.