Despite increasing crude oil production,…
Oil prices received another boost…
A new report by the Institute for Energy Research (IER) has shown that despite strong support from the Obama administration, all funded by tax payers, the green energy sector has struggled to grow, and created very few jobs.
The report notes that since 2009 the Department of Energy has invested nearly $26 billion through the Section 1703 and 1705 loan programs, and in that time only 2,308 permanent green jobs have been generated, meaning that each new green sector job cost the taxpayers $11.25 million.
The IER stated in the report that “clearly, in terms of ‘bang for the buck,’ government programs that coddle renewable energy are losers. In terms of jobs, the losers are the American workers who would otherwise be gainfully employed but for the tremendous waste of taxpayer dollars on the administration’s obsession with green energy.”
Related article: Nevada Renewable Energy – Good or Bad?
The Section 1705 loan program mentioned is the same program that invested in Solyndra, and it has been bad investments like this that have resulted in so few jobs being created for the economy. Solyndra received a $528 million loan, and then went bankrupt, adding no jobs to the sector. Other companies that have benefitted from the loan program have also suffered similar fates, or are struggling financially and so have cut back on staff.
Republicans have complained that the estimated number of jobs predicted by the Department of Energy was unrealistic, stating that, “unfortunately, based on Committee staff’s review of the redacted annual loan reviews for each project, it appears that these job estimates have failed to materialize, in part, due to the aforementioned bankruptcies and the precarious financial positions of certain other projects.”
By. James Burgess of Oilprice.com
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…