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 Investors.com 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