Tags: Du Pont | Obama | Energy | Prices | gas | gasoline | us

Du Pont: Obama Driving Up Energy Prices

Tuesday, 24 May 2011 01:36 PM

The Obama administration wants energy to be more scarce and costly, says former Delaware governor Pete du Pont.

"America's energy policy is as bad as our fiscal policy," du Pont writes in The Wall Street Journal.

obama200109956252.jpg
President Barack Obama
(Getty Images photo)
"The federal government is focused on producing not more energy but less of it, on making costs higher rather than lower, and on expanding regulation."

There are 104 nuclear plants in America today, du Pont notes, but only one more is expected to become operative in the next few years, the first in two decades.

And the government is limiting oil production. In 1970, the United States produced 3.5 billion barrels; by 2010 that figure was down to two billion.

Even though solar power is close to our fastest-growing renewable-energy source, it accounts for less then 0.5 percent of global electric power output and costs between $220 and $300 a megawatt hour, compared with $110 for electricity nationwide.

“According to the Heritage Foundation, the subsidies we pay are $23 per megawatt hour for solar and wind, compared with $1.59 for nuclear power, 44 cents for conventional coal, and 25 cents for natural gas,” says du Pont.

“We must start becoming competitive, without large subsidies, to reduce the current distortion in our energy markets.”

Also among du Pont's recommendations: Ending the 45-cents-per-gallon subsidy of ethanol, which yields one-third less energy per gallon than gasoline.

"The cost of ethanol subsidies total about $6 billion per year," says du Pont.

Istockanalyst.com reports that two Senate bills focus on the volumetric ethanol excise tax credit: the Ethanol Subsidy and Tariff Repeal Act, which would eliminate the tax credit July 1 and repeal an import tariff on foreign ethanol, and the Domestic Energy Promotion Act of 2011, which would ratchet down the tax credit through 2016.

© 2017 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
The Obama administration wants energy to be more scarce and costly, says former Delaware governor Pete du Pont. America's energy policy is as bad as our fiscal policy, du Pont writes in The Wall Street Journal. President Barack Obama (Getty Images...
Du Pont,Obama,Energy,Prices,gas,gasoline,us,economy
303
2011-36-24
Tuesday, 24 May 2011 01:36 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved