The Biz Bucks Blog provides former Biz Bucks students and other busy professionals with a summary and commentary of seminal articles from the opinion pages of the Wall Street Journal. You can be notified of a new posting by subscribing to the blog (enter email in box on right) or by following on Twitter: @BizBucksGuy.
Wow! We have 61 Additional Hours Before the Crisis Hits! November 14, 2013 9:00 AM | Tagged as global warming subsidies IMF
WSJ November 12, 2013 Page A17 “Green Energy Is the Real Subsidy Hog” by Bjorn Lomborg
Those familiar with The Biz Bucks Guy know he is a global warming skeptic and should not be surprised by this article. Lomborg has quantified the various subsidies for energy and debunked the prevailing myths by the “crisis crowd”.
Spain spends about $11 billion ANNUALLY for green energy. A Yale climate model predicts this will delay the alleged catastrophe from global warming a rousing 61 hours. What a waste of scarce resources which is about 1% of Spain’s entire economy. No wonder Europe is starting to run away from renewables.
As to energy subsidy myths, Lomborg’s data is clear:
Myth 1: Fossil fuels get greater subsidies than green energy. The opposite is true. Fossil fuel subsidies are 1/20 of one cent per KWhr. Wind is 5 cents per KWhr. Solar is 77 cents per KWhr.
Myth 2: The global subsidies for fossil fuels are due to the immense power international fossil fuel companies have over governments. Sorry, global alarmists, wrong again. Globally, renewables get about three times the subsidy as fossil fuels, when the data is put onto a per energy unit basis. Furthermore, most fossil fuel subsidies are from non-Western countries who provide these subsidies for economic stability of their fragile economies, not because an oil company forces them to pay.
Myth 3: A recent International Monetary Fund claims there is more fossil fuel subsidies than anyone thought. OK, IMF, why? Because -- as they allege -- gasoline SHOULD be taxed more…so since it isn’t that amounts to a subsidy. Anyone smell a socialist masquerading as an environmentalist? Who is the IMF to determine what a tax rate SHOULD be? Fuzzy math…fuzzier policy.
As Lomborg has said for some time, we should put our money into R&D for renewables.
Let’s stop the insanity of governments forcing nations to build the energy equivalent of the Model T so rich, liberal elites can feel good about themselves. In time, with a strong R&D program, perhaps renewables will reach the efficiencies of which we all dream. Wasting our financial resources on current inefficient energy machinations will someday be shown to be bad policy.
But it’s OK…we have an additional 61 hours to think and do nothing.
Posted in Energy Policy, Global Warming | 0 Replies
To receive email updates when a new post is made, please enter your email address in the box below and click Subscribe.
Use these key words to search past blogs:
1994 97% Alesina Recession Alinsky Allesina austerity Baloney BAT Binz bird kills Bogle Border Adjustment Tax Brulle Bryce capitalism carbon Carbon Dioxide CBO CFTC chains China Churchill Climate Climate Change Clinton Comparative Advantage Crichton Cronyism Cummins Curry Darwin Death panel demographics population economics Denier derivatives Dodd-Frank Drug dynamic Dynamic Scoring education electric car Energy Energy Policy Enron Debt Entitlements Eugenics Fat Fry Flat Earthers fracking free markets free trade Free Trade E-Verify Free Trade Zoellick Freedom Heritage Foundation Friedman gas lines Gas Prices glaciers Global Warming Global Warming Sustainability global warming subsidies IMF Globalization Trade God Google Gore Green Blob Grifo Groupthink Growth Hannity Hayek Hostess Hybrid Immigration Imports index funds Indexing Intellectual Denial investing investment IPCC JFK Joint Tax Kennedy Kerry Keynes Keynesian Keynesian Tax Cuts King Barak Bird Kills Koch Koonin Laffer Lamar Smith Lomborg macroeconomics macroeconomics;static; dynamic MACT Makiel markets Marxist medical care minimum wage Mitchell Model T Moore Morgenthau Navarro Neumark NOAA NY Times Obamacare ObamaCare Rove Health Insurance O'Reilly participation rate Patrick Moore peer review Peer Review EPA Piketty Pipelines plywood Presidential authority Price Controls Pruitt Racial divide Rare Earth Reagan Recession REE Renewable Portfolio Standards Renewables Ricardo Ridley robotics RPS Ryan Schlaff Science science integrity scoring Settled Science Shaffer shortages socialism socialized medicine Solar Panels Solvaldi Sovaldi static steel STEM Stephens Steyer stimulus subsidy sugar Supreme Creator tax policy Taylor territorial taxes corporate taxes Tesla Trade train wreck Trump unemployment wages Wind wind power women Zuckerman