Investors Business Daily: “Subsidizing alternative energy fits the classic definition of insanity.”

Secretary of Energy Steven Chu “pushes bio-refineries and windmills to oil executives at an energy conference as the administration announces a three-year offshore drilling ban. This is a policy for economic suicide!

The editorial at notes that despite huge subsidies, it has proved to be neither cost-effective nor a reliable, significant contributor to our national power grid. Yet we keep subsidizing it, expecting a different result.

Want further proof of insanity?  Interior Secretary Ken Salazar quietly told reporters on Friday that the administration’s six-month delay in approving new offshore drilling leases in federal waters will morph into a three-year total ban. We are forbidden from finding more oil and gas even though a December 2009 Rasmussen poll showed as many Americans want offshore drilling — roughly two-thirds — as oppose administration plans for health care.

Read the entire IBD editorial here:  Chortling At Chu

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