Welcome to the Energy and Capital Weekend Edition — our insights from the week in investing and links to our most-read Energy and Capital and sister publication articles.
You want deficits cut?
Then you’re a supporter of renewable energy — and you’re not alone.
In a recent Gotham Research poll, 73% of Americans (that extrapolates to 226 million people) said they want half or all fossil fuel subsidies repurposed to support solar and other renewables.
Some of you will dismiss that result. Some of you will deny it. Some of you will say it’s a lie.
To each his own.
But here are some things you can’t argue with*:
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The International Energy Agency’s (IEA) chief economist has said phasing out billions of dollars of fossil fuel subsidies “would trigger vast savings in energy consumption… and change the energy game quickly and substantially.” He added that fossil fuel subsidies are “the appendicitis of the global energy system which need to be removed for a healthy, sustainable development future.”
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The IEA calculated that in 2008, 37 large developing countries spent about $557 billion in energy subsidies.
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An Environmental Law Institute study estimated $72 billion in tax breaks to U.S. fossil fuel companies from 2002-2008.
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An Organization for Economic Cooperation and Development (OECD) study found direct subsidies that artificially lower the cost of fossil fuels amounted to $312 billion globally in 2009.
And yet, when a co-author of the U.S. Energy Information Administration’s World Energy Outlook was recently asked “if someone has actually done a credible, comprehensive, definitive count of how much taxpayers underwrite fossil fuels in this country”, he said there is no such widely accepted count or number available…
I guess it is pretty hard to count up all the:
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tax breaks
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subsidies
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the costs of government agencies that are set up to perform functions that these industries should pay full cost for doing — like figuring out how to stuff their pollution underground instead of wasting it on exorbitant, fantasy projects like “FutureGen”
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military expenditures to protect oil shipping lanes
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pollution forgiveness or remediation
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rock-bottom-price access to public property, such as mountains, subsurface property, aquifers, and ocean waters — all of which fossil energy companies routinely wreck and pay comparatively little to fix
If we want a discussion about wasteful spending, I think this is a pretty good place to start.
Just throwing it out there.
Call it like you see it,
Nick
Editor, Energy and Capital
(*Thanks to a Greentech Media guest post for the information in these lists.)
The Miracle of Regenerative Medicine: Growing Organs… And Your Bank Account
Editor Steve Christ explores the miracle of regenerative medicine and explains how early investors can make a fortune on the seismic changes that are about to rock the medical world.
Retirement, Coming Right Up!: What’s in Store for Energy Investors
Seven months ago, one man unveiled to the world the technology that will allow us to completely rethink renewable energy. PiperJaffray estimates there will be upwards of $600 billion spent on this technology over the next 10-12 years. Get in on this energy company now… before they’re front-page news and their share price through the roof.
Silver Breakout: Only Buy This on Pullbacks…
Editor Ian Cooper argues for a pullback in silver, and offers two ways to profit when the precious metal does so.
Food for Thought, Profit: Idiotic Policy & Human Ignorance Unite
Editor Nick Hodge covers food policy, biofuel policy, weather, China, and population on a tour of the reasons high food prices are here to stay.
Iran War Ships — Taking the Fun Out of Fungible: Texas Crude is Toast
Editor Christian DeHaemer discusses the price spread of oil around the globe, and how investors can cash in on opportunity afforded by the fungible commodity.
Sunless Solar: Profit from the Fuel of the Future
The latest technology from a little-known D.C.-based company is over 300% more efficient than rooftop solar panels and is capable of generating electricity even from artificial light sources. Don’t miss the boat on this renewable energy cash cow.
Inflation in (Mostly) the Wrong Places: Destination: Stagflation
Analyst Adam Sharp talks about inflation, stagflation, and why they’re both playing out around the globe.
Understanding Exponential Growth: To Infinity… and Beyond
Editor Nick Hodge describes the greatest shortcoming of the human race… and how to recognize it before it’s too late.
Three Garbage Stocks: Middle Class Spending Spree
Editor Chris DeHaemer explains why, as the market goes up and the middle class start spending again, these three “garbage stocks” will deliver quick cash to investors’ pockets.
How to Buy Yukon Gold Stocks: Seven Easy Hints to Choose Yukon Gold Stocks
Analyst Greg McCoach guides investors on buying Yukon gold stocks for the summer 2011 exploration season.
Maryland Offshore Wind: A Half Billion Reasons to Love Offshore Wind
Editor Jeff Siegel investigates new opportunities in domestic offshore wind.
Obama’s Offshore Drilling War Claims Another Victim: Picking the Right Offshore Stock
Editor Keith Kohl reviews the latest victim in Obama’s offshore drilling war.
