Archive for the ‘Oil – Energy’ Category

List of Obama’s “green energy” failures

Here’s your list of Obama’s “green energy” failures, with cost to taxpayers:

  1. Evergreen Solar ($25 million)*
  2. SpectraWatt ($500,000)*
  3. Solyndra ($535 million)*
  4. Beacon Power ($43 million)*
  5. Nevada Geothermal ($98.5 million)
  6. SunPower ($1.2 billion)
  7. First Solar ($1.46 billion)
  8. Babcock and Brown ($178 million)
  9. EnerDel’s subsidiary Ener1 ($118.5 million)*
  10. Amonix ($5.9 million)
  11. Fisker Automotive ($529 million)
  12. Abound Solar ($400 million)*
  13. A123 Systems ($279 million)*
  14. Willard and Kelsey Solar Group ($6 million)*
  15. Johnson Controls ($299 million)
  16. Schneider Electric ($86 million)
  17. Brightsource ($1.6 billion)
  18. ECOtality ($126.2 million)
  19. Raser Technologies ($33 million)*
  20. Energy Conversion Devices ($13.3 million)*
  21. Mountain Plaza, Inc. ($2 million)*
  22. Olsen’s Crop Service and Olsen’s Mills Acquisition Company ($10 million)*
  23. Range Fuels ($80 million)*
  24. Thompson River Power ($6.5 million)*
  25. Stirling Energy Systems ($7 million)*
  26. Azure Dynamics ($5.4 million)*
  27. GreenVolts ($500,000)
  28. Vestas ($50 million)
  29. LG Chem’s subsidiary Compact Power ($151 million)
  30. Nordic Windpower ($16 million)*
  31. Navistar ($39 million)
  32. Satcon ($3 million)*
  33. Konarka Technologies Inc. ($20 million)*
  34. Mascoma Corp. ($100 million)

*Denotes companies that have filed for bankruptcy.

SOURCE: Heritage Foundation >>>

Gas was $1.61 when Bush left office

When George W. Bush left office in January of 2009, the average price of a gallon of regular gas in America was $1.61. Today the average price of a gallon of gas is $3.54. Many analysts expect $5 gas this summer.

Every penny of increase in gas prices takes $1 BILLION out of the U.S. economy. So when the price of gas goes up $1, that’s $100 BILLION sucked out of the U.S. economy, or about $1,000 a year out of the typical American household — not chump change.

Of course, Obama has done nothing to promote American energy independence. He has squandered billions on windmills, solar power, and failed green energy projects, like Solyndra. No one’s buying his stupid Obama Volt car that he forced GM to make. The Obama Volt only has a range of 35 miles on a battery charge, plus you have a gigantic battery taking up much of your back seat. What a fiasco.

Meanwhile, he’s blocked drilling for oil across the U.S., on our continental shelf, and in Alaska. He blocked the Keystone oil pipeline from Canada. He’s blocked “fracking” — the extracting of oil from shale. The U.S. has more oil underground than Saudi Arabia.

The U.S. has oceans of oil underground — enough to last us 500 years even if we don’t find anymore. But Obama and the Left won’t let us access it.

The consequence is we are forced to buy our oil from the Middle East, thus financing terrorism against us, and from America hating dictators like Hugo Chavez in Venezuela — all because Obama won’t let Americans drill for oil here.

Here’s the price of a barrel of Brent Crude oil right now . . .

White House email warned of risky Solyndra venture; worried about potential political damage with 2012 coming up

WASHINGTON POST: A White House official fretted privately that the Obama administration could suffer serious political damage if it gave additional taxpayer support to the beleaguered solar-panel company Solyndra, according to newly released e-mails.

The firm had burned through millions of dollars and in January still tottered near collapse. The official wanted the government’s top budget official to warn Obama’s energy secretary about the risk, according to the e-mails.

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Failed Solyndra spent $1.9 million lobbying Obama

NEW YORK TIMES: The 1,100 full- and part-time employees who were abruptly laid off two weeks ago aren’t the only ones whose paychecks have been affected by the sudden and dramatic failure of bankrupt solar energy company, Solyndra Inc.

Because for its brief lifespan, Solyndra proved to be pretty good for the lobbying community.

According to records filed with the Clerk of the House and a search of disclosure forms compiled by the Center for Responsive Politics, Solyndra spent nearly $1.9 million on lobbying activities over a period of 43 months from 2008 to 2011.

About $1 million of that was earned by the company’s two in-house lobbyists, Joseph Pasetti and Victoria Sanville, over an 18-month period from 2010 until this year. But Solyndra has also had several big-name lobbying shops on its payroll, including established powerhouses Dutko Worldwide and Holland and Knight, which began representing the then-fledgling company in 2008.

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White House scrambles to end $9 BILLION in federal loan guarantees to renewable energy companies

This “green jobs” scheme just isn’t working out as planned. Taxpayers hold the bag.

NATIONAL JOURNAL: The Obama administration is in a race against the clock to close by month’s end more than a dozen renewable-energy loan guarantees totaling $9 billion. Of that, just over $3 billion would come directly from the federal government’s coffers.

The administration now has two weeks to finalize the process amid an escalating political battle over a federally backed solar company spiraling into bankruptcy and facing an FBI probe. President Obama once praised the company, California-based Solyndra, as “the true engine of economic growth.”

At a House hearing Wednesday, there was bipartisan concern about risking more taxpayer dollars on renewable energy projects that ultimately fail. While Republicans’ rhetoric was more heated, Democrats agreed it is a critical issue.

“Taxpayers have over $500 million at risk as a result of Solyndra’s bankruptcy,” said House Energy and Commerce ranking member Henry Waxman, D-Calif. “We need to understand what happened and how we can avoid future losses.”

In 2009, Solyndra was the first company to receive a federal clean-energy loan guarantee as part of the stimulus package. The Fremont, Calif.-based maker of solar photovoltaic systems then received photo-op visits from Obama, Vice President Joe Biden, and Energy Secretary Steven Chu, all touting the job-generating potential of solar and other renewable energy industries. But on Aug. 31, Solyndra shuttered operations, laying off its 1,100 workers while seeking Chapter 11 bankruptcy protection.

Under the Recovery Act that Obama signed into law in February 2009, the Energy Department’s loan guarantee office was given roughly $6 billion to help cover the financing of renewable energy companies applying for loans both with the Treasury Department’s Federal Financing Bank and with private lenders, such as banks. Congress has since peeled away about half of that for other purposes and left the department with just $2.4 billion for the renewable loan guarantee program.

That $2.4 billion allocated to the Energy Department pays for each renewable energy project’s “credit subsidy,” a fee worth usually around 10 percent of a loan and which helps defray costs if the loan fails. The Energy Department doesn’t disclose the credit subsidy rate of loans the government guarantees, so it’s unclear how much of that $2.4 billion remains.

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Solyndra among five Obama stimulus firms to go bankrupt. Three of the firms were “green jobs” alternative energy firms.

FOX NEWS: Solyndra, the solar panel company whose highly publicized failure and consequent investigation by federal authorities has flashed across headlines recently, isn’t the only business to go belly up after benefiting from a piece of the $800 billion economic stimulus package passed in 2009.

At least four other companies have received stimulus funding only to later file for bankruptcy, and two of those were working on alternative energy.

Evergreen Solar Inc., indirectly received $5.3 million through a state grant to open a $450 million facility in 2007 that employed roughly 800 people. The company, once a rock star in the solar industry, filed for bankruptcy protection last month, saying it couldn’t compete with Chinese rivals without reorganizing. The company intends to focus on building up its manufacturing facility in China.

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RAW VIDEO: Watch buffoon Obama praise Solyndra, which the FBI now believes was a criminal enterprise.

QUESTIONS: Is the purpose of the FBI raid to cover up the scandal and bury it? Or will we actually find out what happened to our tax money?

FBI raids homes of Solyndra Execs . . . Obama sat in on meetings, touted Solyndra (now bankrupt) as model for Obama’s “green jobs” economy

Where did the $535 million in stimulus money go? Who has it?

The FBI wants to know.

ABC NEWS: Federal agents have expanded their examination of the now-bankrupt California solar power company Solyndra, visiting the homes of the company’s CEO and two of its executives, examining computer files and documents, iWatch News and ABC News have learned.

Agents visited the homes of CEO Brian Harrison and company founder Chris Gronet and a former executive, according to a source who agreed to speak only on the condition of anonymity because of the legal sensitivity of the situation.

Gronet, reached at his home Friday morning, did not dispute that his home was visited by federal agents a day earlier.

“I’m sorry,” Gronet said, “you probably understand full well that I cannot comment.” The third executive could not be immediately reached.

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FLASHBACK: Watch buffoon Obama praise Solyndra:

QUESTIONS: Is the purpose of the FBI raid to cover up the scandal and bury it? Or will we actually find out what happened to our tax money?

FBI raids “green jobs” solar firm praised by Obama that got $535 million in stimulus money, then went bankrupt

One of many examples of how taxpayers are being fleeced by Obama’s cronies

QUESTIONS: How much money did these people contribute to Obama? Where’s the $535 million now?

FOX NEWS: FBI agents executed search warrants Thursday morning at the headquarters of California solar firm Solyndra, which received a $535 million loan from the federal government before filing for bankruptcy last week, confirms.

Agents executed the search warrants at the company’s headquarters in Fremont as part of a joint operation by the Federal Bureau of Investigation, Department of Energy and the Office of Inspector General, FBI spokesman Peter Lee said.

Lee told that “multiple search warrants” were executed but said he could not provide details on what prompted the investigation.

“Everything’s under seal,” he said.

The investigation comes one week after the company laid off 1,100 workers and filed for bankruptcy. The solar-panel manufacturer is now being sued by workers who abruptly lost their jobs.

Solyndra LLC was once touted by President Obama as a beneficiary of his administration’s economic policies.

The company was held up as the model for government investment in green technology. In addition to the $535 million loan guarantee, it received visits from the president and other state and federal officials.

“I appreciated the chance to tour your plant and to see the incredible, cutting-edge solar panels that you’re manufacturing, but also the process that goes into the manufacturing of these solar panels,” Obama said while visiting the firm in Fremont on May 26, 2010.
“It is just a testament to American ingenuity and dynamism and the fact that we continue to have the best universities in the world, the best technology in the world, and most importantly the best workers in the world. And you guys all represent that,” he said.

Solyndra filed bankruptcy amid hard times in the nation’s solar industry. The price for solar panels has tanked, in part because of heavy competition from Chinese companies, dropping by about 42 percent this year.

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RAW VIDEO: Watch this buffoon Obama praise Solyndra, which the FBI apparently now believes was a criminal enterprise.

QUESTIONS: Is the purpose of the FBI raid to cover up the scandal and bury it? Or will we actually find out what happened to our tax money?

Oil prices tumble as Obama dumps U.S. oil reserves on market (which are supposed to be reserved for crisis)

ASSOCIATED PRESS: Wary of a new surge in gas prices, the Obama administration has decided to release 30 million barrels of oil from the country’s emergency reserve as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya.

The release from the U.S. Strategic Petroleum Reserve will amount to half of a 60 million barrel international infusion of oil planned for the world market over the next month.

“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” Energy Secretary Steven Chu said Thursday.

The administration said the uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day. The release comes as the United States approaches a period of high energy use in July and August.

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Electricity prices to soar 40-60 percent as coal plants close (due to Obama’s anti-coal policies)

If you’re unhappy that the price of gas has jumped from $1.61 when Bush left office to $4 now, get set to be really unhappy about the spike in prices coming for your electricity due to Obama’s anti-coal policies. Yes, elections do have consequences. This from the Chicago Tribune . . .

CHICAGO TRIBUNE: Consumers could see their electricity bills jump an estimated 40 to 60 percent in the next few years.

The reason: Pending environmental regulations will make coal-fired generating plants, which produce about half the nation’s electricity, more expensive to operate. Many are expected to be shuttered.

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Barack Obama’s plan all along was to bankrupt the coal industry. Here’s Obama explaining his plan during his 2008 campaign for the Presidency:

But people were so swept up in Obamamania in 2008 that they were not paying attention to what he was actually saying, or to the consequences for what he was planning . . . and is now doing.

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