Business As Usual on Energy
by Deacon Blues
My, how the free market works wonders when it comes to energy.
Example A: China of all places is now kicking our ass on wind power:
As the United States takes its first steps toward mandating that power companies generate more electricity from renewable sources, China already has a similar requirement and is investing billions to remake itself into a green energy superpower.
This year China is on track to pass the United States as the world’s largest market for wind turbines — after doubling wind power capacity in each of the last four years. State-owned power companies are competing to see which can build solar plants fastest, though these projects are much smaller than the wind projects.
Example B: Since Obama became president, oil prices have doubled, during slack demand and a global recession, crippling hopes for a recovery as gas prices rise for no apparent reason.
The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices more than doubling since the beginning of the year despite an exceptionally weak economy.
The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could jeopardize a global recovery. It is also hobbling businesses and consumers, who are already facing the effects of a stinging recession, as they try in vain to guess where prices will be a year from now — or even next month.
Funny, I thought we had a Democrat in the White House, who appointed supposedly a pro-consumer Democrat as Attorney General, who could be expected to put the fear of God into Big Oil over the business-as-usual stick-it-to-the-consumer policies of the last eight years. And yet, not a peep from Mr. Holder's Justice Department as consumers get gouged.