Via Energy Talking Points by Alex Epstein: 12 Myths That Government-Dictated Green Energy is Cheaper Than Fossil Fuels
Recently, Alex Epstein released a blog post in advance of the House Budget Committee hearing on the Cost of the Biden-Harris Energy Crisis. The article, titled “12 Myths that Government-Dictated Green Energy is Cheaper than Fossil Fuels,” debunks misleading and inaccurate claims that green energy is beneficial to taxpayers.
Green energy policies restrict the use of cost-effective fossil fuels while lavishing substantial subsidies on renewable energy. These policies, which the Biden-Harris Administration champions, have increased inflation and energy costs and decreased the reliability of U.S. energy.
In order to debunk the false claims on green energy spending, Alex Epstein responded to myths that Democrats commonly cite as fact.
Word on the Street:
Alex Epstein, Via Energy Talking Points:
- “Myth: “Clean electricity has become the most affordable source of energy there is.”
- Truth: If this were true “clean electricity” wouldn’t need enormous preferences in the form of subsidies, mandates, and no price penalty for unreliability—and “clean energy” proponents wouldn’t feel compelled to cripple fossil fuels by punishing investment, production, refining, transportation, and use.
- Since “clean electricity” from unreliable solar and wind can go to near zero at any given time, it depends on reliable electricity. It doesn't replace the cost of reliable electricity; it adds to the cost of reliable electricity. That's why the more solar and wind we've used as a nation the higher our prices have gotten.”
- Truth: If this were true “clean electricity” wouldn’t need enormous preferences in the form of subsidies, mandates, and no price penalty for unreliability—and “clean energy” proponents wouldn’t feel compelled to cripple fossil fuels by punishing investment, production, refining, transportation, and use.
- “Myth: Inflation has slowed since the passage of the IRA, so the IRA worked.
- Truth: This is a blatantly dishonest example of the “post hoc” fallacy—the first thing happened before the second thing, therefore the first thing caused the second thing.
- The IRA couldn’t have possibly lowered inflation because its significant effects are not in force yet.
- And when the IRA’s effects are in force, they will obviously be inflationary due to its huge subsidies, which will increase our debt burden and therefore inflation.”
- Truth: This is a blatantly dishonest example of the “post hoc” fallacy—the first thing happened before the second thing, therefore the first thing caused the second thing.
- “Myth: “Investments in clean energy specifically are a primary strategy in the fight against inflation.”
- Truth: Subsidizing energy sources that can't compete on a free market is by definition inflationary. It makes us pay more for energy than we otherwise would. And when coupled with restrictions on the most cost-effective form of energy, fossil fuels, it makes us pay far more for energy.”
- Truth: Subsidizing energy sources that can't compete on a free market is by definition inflationary. It makes us pay more for energy than we otherwise would. And when coupled with restrictions on the most cost-effective form of energy, fossil fuels, it makes us pay far more for energy.”
- Myth: “Fossil fuels push electricity prices higher, including through... uneconomic utility investments in coal plants.”
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- Truth: Utility investments in coal plants were extremely economic until government-dictated energy shut them down. Coal plants are a much, much cheaper way to provide reliable electricity than solar, wind, and batteries are. The only way to make coal a terrible investment relative to solar and wind is to subsidize solar and wind and make the coal investment worthless by shutting the plant down.”
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The Bottom Line:
The energy industry in the United States employs 10 million people with high-wage jobs and accounts for almost 10 percent of our total economy. Despite its crucial importance to our economy, the Biden-Harris Administration has taken a “whole-of-government” approach to regulate traditional and reliable domestic energy sources out of existence. According to the Institute for Energy Research, this administration has rolled out over 250 executive actions that harm the U.S. energy industry.
The U.S. ranks number one in the world for the most recoverable oil reserves yet the average American family pays over $1,700 extra per year for energy under the current Administration. Gasoline prices alone are up 40.7 percent since Biden and Harris took office. Americans cannot afford the stifling regulations and costly policies of the Biden-Harris Administration.
The House Budget Committee will continue to Sound the Alarm on the reckless spending habits of the Administration. Energy costs are rising, and our debt continues to snowball out of control. The national debt currently sits at a staggering $35.33 trillion. This equates to $105,482 per person in the United States.
Read more about the hearing HERE.
Watch Chairman Arrington talk about the Biden-Harris energy crisis on Mornings with Maria HERE.
