“Bad Profits, rent-seeking, resource misallocation–it’s an upside down world, turning Ayn Rand’s dis-utopian world in Atlas Shrugged into reality one step at a time.”

“Manchin-Schumer leaves no special interest unrewarded,” wrote Robert Bryce. “The legislation is so broad and has so many carve outs that it has been lauded by Exxon Mobil and the Natural Resources Defense Council.”

The new law’s “lollipops” (Bryce) go to wind, solar, EVs, ethanol, carbon capture and storage, and hydrogen–all money losers on a real free market. Bad Profits, rent-seeking, resource misallocation–it’s an upside down world, turning Ayn Rand’s dis-utopian world in Atlas Shrugged into reality one step at a time.

It is a sad day when ExxonMobil, once a bastion of climate and energy realism and good business, goes all-in with the Inflation Reduction Act
of 2022.…

“The Schumer-Manchin bill provides that after 2024 the traditional PTC and ITC programs expire, but the benefits live on through the new “Clean Electricity” tax credit program.”

“Based on published project footprints of recently sited wind projects in Wyoming, Oklahoma, New Mexico, and Colorado, new wind turbines will spread across 30 million acres (50,000 sq. mi.) by 2032.”

The Schumer-Manchin bill passed by the US Senate this weekend and heading to the House erases any doubt whether Congress is serious about lowering inflation, addressing energy costs, or protecting the environment.

Ironically dubbed the Inflation Reduction Act of 2022, Schumer-Manchin will do nothing to reduce inflation. But what it will do is far worse. Schumer-Manchin will unleash the largest industrialization of U.S. open lands not seen since the damming of our western rivers.…

“The PTC is the single most expensive energy subsidy in the federal tax code and is estimated to cost taxpayers about $40 billion from 2018 to 2027.” (IER, January 5, 2021)

“Special government favor to business–crony capitalism–can turn losers into winners. And the loser lobby can claim progress and even inevitability as if they really won. This is the postmodernism of energy policy today in regard to the two politically correct renewables: wind and (on-grid) solar.”

It does not end. What is not competitive and government dependent just continues that way. This is not only because the market picks winners and leaves the losers for politics. It is also because the market-driven, non-subsidized technology improves over time.

Recently, wind power federal Production Tax Credit received its 13th extension. Reported IER:

The U.S.

“Wrong, Roger Hallam. Weather is not climate change. Your professors at Kings College–did any question climate models and explain the benefits of CO2 enrichment and, yes, of warmer temperatures (think winters and nights)?”

The Climate Industrial Complex, the companies and their nonprofit allies, are flexing toward the middle. It is all about money and power, less about real human welfare re “saving the planet.’

This inconvenient truth has the true believers upset. Consider the latest from Roger Hallam, co-founder of Extinction Rebellion and Just Stop Oil, where he works full-time:

Another disastrously pathetic response from “environmental campaigners” – who cares about the bloody “green new deal”. What needs to be communicated is that unless there is a drastic reduction in emissions – and that means including zero car emissions by 2030 – Europeans are going to starve to death.