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Author Topic: Fossil Fuel Subsidies - The Invisible Ones are Worse Than the Obvious Ones!  (Read 7465 times)

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AGelbert

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January 18, 2022


Conservative Media Accidentally Admits Conservative Climate “Solution” Is Costly Failure

Carbon dioxide removal is the process of removing carbon pollution from the atmosphere via natural and technological methods, and will be an important tool for restoring a safe climate — once we’ve pretty much stopped sending more carbon dioxide into the atmosphere.

Carbon capture and storage/sequestration (CCS), on the other hand, refers to scrubbing the carbon dioxide out of the emissions from fossil fuel plants, and is essentially a pipe dream that the fossil fuel industry invokes to pretend its continued existence is compatible with a stable climate, which it’s not. CCS is also a major part of the policy platforms of conservatives who want you to think they care about climate change (but not enough to actually reduce fossil fuel extraction or pollution).

Late last year, the Government Accountability Office published a report showing the $1.1 billion spent on CCS by the Department of Energy since 2009 was largely wasted. That money was for 11 projects, of which only three were built (the other eight were cancelled). And because managers at the DOE waived some cost controls, the government spent an additional and unnecessary $300 million on four of the unbuilt CCS projects. The single CCS project at a coal-fired plant that actually got built was the US’s only real CCS facility — and it shut down in May of 2020.

Federal investments for CCS are greenwashing – they are simply fossil fuel subsidies >:( by another name,” Grassroots Global Justice Alliance policy director Adrien Salazar told The Verge.

Nevertheless, CCS still enjoys ample support from conservatives who want to pretend like they care about climate change, and Democratic coal barons like Joe Manchin (D-ALEC). 

In response to the GAO report detailing how the conservative-loved program is rife with government waste, the Carbon Capture Coalition tried to do some damage control, and apparently sent out a press release the conservative Washington Examiner ran with, about how they’re trying to “correct the record” and insist the technology is still worthwhile.   

Over at the Daily Caller, though, Energy and Environment reporter Thomas Catenacci apparently hasn’t gotten the full memo on CCS being the climate policy conservatives pretend to support, and instead just covered last month’s GAO report just this week, with a frame of government waste for trying to reduce carbon emissions! 

Now to be fair, the government should be investing tons of money in viable climate solutions as well as risky ones the private sector won’t yet risk investment in (Hi, Solyndra, we haven’t forgotten you!) because government support for emerging technologies can yield massive benefits. But when things like CCS fail, as they have over, and over, and over, and over, and over, and over, and over, and over, that should be a sign to stop burning coal mine dump trucks full of money chasing them.

Those billions of dollars, instead of getting wasted on unbuilt CCS plants meant to keep coal hobbling along, could have paid for something like 50,000 home solar systems, which tend to be much more costly than utility-scale renewables. And on that, for example, Biden’s DOE in 2021 announced just $128 million in funding to cut the cost of solar by 60%. Think of what ten times that much money could accomplish! 

For another comparison, in 2020, a billion dollar deal got BP a 50% stake in two offshore wind projects big enough to power two million homes — a much better deal than getting a bunch of failed projects that (had they not failed) would have just continued to allow coal plants to pollute anyway.

A billion dollars is also how much MidAmerican Energy planned to spend in Iowa to replace old wind turbines and add a thousand new ones, adding up with the rest of their fleet to generate enough clean energy to power 95% of MidAmerican Energy customers’ needs. 

Unfortunately, the bipartisan infrastructure package passed last year shells out another $3.5 billion on even more 🦖  carbon capture demonstration projects.

CCS has had plenty of time for demonstration projects, and all they’ve demonstrated is how to waste billions of dollars on useless technology.

But yay, bipartisanship, right?


He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

AGelbert

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I am posting this here because the blatant efforts of the "Federal" Reserve Board market manipulators to keep the hydrocarbon industry stocks from a well deserved tanking over the last 6 years constitutes a de facto MASSIVE invisible SUBSIDY that YOU and I are being FORCED to fund indirectly.

HOW can that be if you don't own or buy any hydrocarbon industry stocks?

You see, the Fed buys these stocks with "ex nihilo" money. "Ex nihilio" is from latin, meaning "from nothing". The Fed is authorized to electronically "print" money to buy or sell whatever they want to buy or sell, ostensibly for the "good" of the US government.

They "finance" the ex nihilo money creation by "selling" bonds to we-the-people (i.e. the US Treasury Department). We-the-people than have the obligation of paying principal AND interest to the 1% who OWN the "Federal" Reserve Board at whatever interest rate the Fed sets.

To make a long story of 🎩 elite legalized counterfeiting to pick💰🦖😈 winners and shaft everyone else short, this causes a 🎩 few people with a lot of stocks to have lots of new money in their pockets, which they spend into the economy. By the time we-the-people get some "trickle down" from all this new money, the value of the money itself has been reduced. This is called inflation. The elite greedballs who first got the money were able to use it BEFORE the inflation hit from THEIR use of that money. So, the rich get richer and everyone else gets debased currency.

Economist Keynes had something to say about that:

While it is true that hydrocarbon industry stocks are not the only beneficiary of this invisible subsidy SCAM, their profit over people and planet MO makes this grand larceny by the Fed all the more injurious to our civilization.

The fourth most viewed graphic in my gallery is from 2016 (Views: 590 Date: August 08, 2016, 06:47:20 pm By: AGelbert.) Here it is:

Today I prepared a similar graphic to show you that the totally unjustified rigged jacking up of hydrocarbon stocks is more pronounced than ever!


The following two graphics are the second and first most viewed graphics in the gallery. I post them to show you that good people do understand that the hydrocarbon industry business model is a death sentence for ALL of us AND that we are being deliberately and methodically lied to about what is really going on by EVIL humans corrupting TPTB:

Natural 🦕 Gas Bridge to nowhere 👉 Views: 818 Date: July 27, 2018, 06:25:09 By Agelbert

Agontology 2 👉 Views: 2120 Date: March 18, 2015, 06:56:56 pm By: AGelbert
The 🦕🦖 Hydrocarbon 👹 Hellspawn Fossil Fuelers DID THE Clean Energy Inventions suppressing, Climate Trashing, Government corrupting, human health depleting CRIME. Since they have ALWAYS BEEN liars and conscience free crooks, they are trying to AVOID DOING THE TIME or PAYING THE FINE!  Don't let them get away with it! Pass it on! 
« Last Edit: February 23, 2022, 08:11:36 pm by AGelbert »
He that loveth father or mother more than me is not worthy of me: and he that loveth son or daughter more than me is not worthy of me. Matt 10:37

 

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