News Story of the Day: A new study by researchers at the Massachusetts Institute of Technology, or MIT, says that without high taxes or government support, green energy can’t compete with power plants. The study noted that traditional energy sources wil remain less expensive than green energy for the next 10 years.
In other words, the only way green energy can remain competitive is to offer these firms a large sum of taxpayer dollars. It’s estimated that to develop solar and wind power to combat climate change could cost upwards of $16.5 trillion by 2030.
Moreover, the MIT study suggests that solar and wind power are twice as expensive as natural gas, and taxes on carbon dioxide emissions would likely spike electricity prices in order for green energy to compete.
Here are two interest statements made to the Daily Caller.
“Windmills, solar panels, and ethanol could not compete with coal, natural gas, and oil without mandates and subsidies even when the price of the conventional fuels was relatively high,” said Myron Ebell, director of the Center for Energy and Environment at the Competitive Enterprise Institute. “Now that prices for fossil fuels have plummeted, very little new renewable energy capacity will be installed unless the mandates and the subsidies are raised even higher. The bankruptcy this week of Abengoa’s U. S. solar unit with up to $10 billion in debt is a sign of things to come.”
“Wind and solar can’t compete with conventional sources on their own merits,” said Chris Warren, a spokesperson for the Institute for Energy Research. “That’s why the national environmental lobby and their allies are peddling the idea of a carbon tax. They want to punish the use of natural gas, oil and, coal to make their preferred sources appear more profitable. In practice, a carbon tax would have a devastating impact on American families already struggling in the Obama economy–hurting the poor and middle class the most.”
Chart of the Day: In Canada, Toronto and Vancouver are the two primary cities with overheated housing markets. If you want to get a glimpse inside a bubble then perhaps you should take a gander at this chart compiled by Real Estate Board of Greater Vancouver. The average price of a sold detached home climbed from $1.4 million in September 2015 to $1.8 million in January 2016.
Illustration of the Day: Dan Mitchell published a blog post with this illustration, in which he writes: “The problem isn’t rich people. It’s looters and moochers, regardless of their income.”
Quote of the Day: Is Donald Trump an anti-establishment candidate? Hardly, says former Texas Republican Congressman Ron Paul. Speaking in an interview with CNBC this week, Dr. Paul says:
“In some places, Trump is worse than the establishment. He says he loves torture! Trump is very conventional. He has nothing new when it comes to serious ideas.”
Video of the Day: Do you think sweatshops where poor people work are evil? Think again. The next time you buy something from Bangladesh or Cambodia show it off with pride. These people need those jobs!
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