Stephen Moore — Daily Signal — May 9, 2015
The green energy movement in America is dead. May it rest in peace. No, a majority of American energy over the next 20 years is not going to come from windmills and solar panels. One important lesson to be learned from the green energy fad’s rapid and expensive demise is that central planning doesn’t work.
What crushed green energy was the boom in shale oil and gas along with the steep decline in the price of fossil fuel that few saw coming just a few years ago.
A new International Energy Agency report concedes that green energy is in fast retreat and is getting crushed by “the recent drop in fossil fuel prices.” It finds that the huge price advantage for oil and natural gas means “fossil plants still dominate recent (electric power) capacity additions.”
This wasn’t supposed to happen.
Most of the government experts—and many private investors too—bought into the “peak oil” nonsense and the forecasts of fuel prices continuing to rise as we depleted the oil from the Earth’s crust. Oil was expected to stay way over $100 a barrel and potentially soon hit $200 a barrel. National Geographic infamously advertised on its cover in 2004 “The End of Cheap Oil.”
Barack Obama told voters that green energy was necessary because oil is a “finite resource” and we would eventually run out. Apparently, Obama never read “The Ultimate Resource” by Julian Simon which teaches us that human ingenuity in finding new resources outpaces resource depletion. Continue reading here….