Why Obama's "Energy Security Trust" Is A Bad Idea (another tax)

Forbes ^ | March 15, 2013 | Christopher Helman

[Innovative]

In an event today at the Argonne National Laboratory President Obama will be talking up his proposal ... to create something called the Energy Security Trust. This trust would be funded by royalties from oil and gas operations on federal lands and in the Gulf of Mexico.

...What the president proposes is to divert some $2 billion of those oil and gas revenues into a special account over the next decade. Out of this account he proposes to subsidize research on alternative energy sources. ...

... this is a terrible idea -- and a backdoor to the imposition of a nationwide carbon tax -- that congress should not allow to pass.

... This excellent report last year from the House Committee on Oversight and Government Reform found that the DOE had blown through $14.5 billion investing in and guaranteeing loans for private companies like Solyndra, Beacon Power, Brightsource, Solopower, Abound Solar, Nevada Geothermal, Abengoa, First Solar. The companies that haven’t gone bankrupt yet are barely holding on.

[Innovative]

Highly recommended reading the entire article, lots of good points and info.

Here is the print version, the entire article on a single page

[Innovative]

“DOE had blown through $14.5 billion investing in and guaranteeing loans for private companies like Solyndra” — but we can’t cut from this, we need to close the White House for visitors to save money and cut our defense...

You can see where Obama’s priorities lie.

[E. Pluribus Unum]

In an event today at the Argonne National Laboratory President Obama will be talking up his proposal ... to create something called the Energy Security Trust.

When the feral government uses a word like "trust," it always means the exact opposite of what normal, non-psychopathic people would think.

[Secret Agent Man]

This is just reparations. All this guy does is find ways to take money from groups and people he hates, and gives it to people he likes. And the media orgasm and think it’s such a novel idea nobody’s had before.

Crony kickbacks. Political payback. In the process causing everyone’s energy to go up, wasting more money on ideas he knows won’t work, so that money can’t be used on real answers, and helping to tank the economy and companies further.

[Tublecane]

Sorta like forcing carriage companies to pay for automobile research, except we don’t know anything about automobiles or if there even is such a thing. If there’s money to be made from “alternative energy,” then we don’t need to skim off the top of oil profits to research it. That endeavor would provide its own rewards. Which is why oil companies themselves are paying for their own research. Because they want those profits, too.

[ProtectOurFreedom]

Yep. In a single word, CORRUPTION. Nothing but $2B of Solyndra-style campaign kickbacks and further enrichment of the tyrant. He’ll leave office a billionaire.

[Brad from Tennessee]

[. . .this is a terrible idea — and a backdoor to the imposition of a nationwide carbon tax. . .]

With this White House it is a backdoor to criminal misappropriation.

[upchuck]

Thanks for that link to the print, one page version.

I really like the last paragraph:

You want an Energy Security Trust? Well we already have one. It’s this: the hard work and innovation of the tens of thousands of engineers at American oil companies who have unlocked a plentiful supply of energy that will keep the nation moving and growing for decades. And all without taxpayer handouts.

YES!

[ridesthemiles]

This is another dog & pony show from Obama.....

The high majority of gas & oil production in the past 4 years has been done on PRIVATE lands. Obama, Babbitt, Salazar and the entire Obama administration have done their utmost to stop any energy production on Federal lands.

They shut down the drilling in the Gulf coast by AMERICAN companies, and made things dicey enough that the drilling rigs are now working in Brazil, and we will never see them return in our lifetimes. ONLY by building MORE drilling rigs will American companies seek oil in the Gulf of Mexico.

Meanwhile, China, Venezuela and others are slant drilling into American waters and we are sucking the hind teat, again.

The ‘available leases’ anywhere on Federal lands have been offered before—in fact, almost every year of Obama being in office. The oil companies are NOT buying this smoke and mirrors. They won’t put up hard money for a lease where there is no or little likehood of any production. It is like offering a farmer that he can grow corn out here on the high desert of Nevada-—only without any irrigation or water rights. Corn won’t grow with 4 inches of precip a year.

Obama is making more face time for the networks who adore him & interrupt everything to let him have the airwaves.

I am so ‘Over-0bamaed’, I cannot switch channels fast enough.