The Editors of Investor’s Business Daily on Secretary Chu:
Future Fuels: Our secretary of energy pushes bio-refineries and windmills to oil executives at an energy conference as the administration announces a three-year offshore drilling ban. This is a policy for economic suicide.
They don’t qualify as an official group of victims, but carbon-Americans, as they have been called, did not have much to cheer about last week, when Energy Secretary Steven Chu addressed CERAWeek 2010, a premier industry conference hosted by IHS Cambridge Energy Research Associates.
With an economy struggling to regain sound footing, Chu advocated a starvation diet devoid of additional fossil fuels that are to remain under the ground and seabed. Instead, he supports 53% more funding for wind research and a 22% jump for solar research.
Subsidizing alternative energy fits the classic definition of insanity. Despite huge subsidies, it has proved to be neither cost-effective nor a reliable, significant contributor to our national power grid. Yet we keep subsidizing it, expecting a different result.
The rest here.