Commentary

“It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” then President Obama declared in May 2010 in a highly choreographed appearance with assembled workers.

He had provided Solyndra with a half-billion-dollar federal loan guarantee to reassert American dominance in solar technology while generating thousands of jobs.

To refresh your memory, it was learned that behind the hoopla of the day, Solyndra was rotting inside, hemorrhaging cash so quickly that within weeks the company abandoned plans to offer shares to the public.  Solyndra soon became one of the administration’s most costly ventures as it laid off 1,100 employees and the FBI sought evidence of possible fraud.

So where was then Vice President Biden when his administration was getting a lesson in leaving business to free enterprise?

In 2020, electric bus manufacturer, Proterra, was the recipient of $10.2 million from Biden’s New Green Deal slush fund, to bring in 600 jobs.

Energy Secretary Jennifer Granholm and Vice President Harris, who had been promoting electric cars and busses, no doubt played a part in persuading Biden to fund Proterra’s effort.

Never mind that Granholm was a paid board member of Proterra and owned $5 million in invested stock, of which the date of her divestiture was in question.  In January 2022, CNBC noted that she violated stock disclosure law nine times in 2021.  “Clerical errors,” her spokeswoman said.

During an April 20, 2021 virtual tour of the South Carolina company, Biden told Proterra’s CEO, “You’re making me look good.”

Not so good this week, though.  Biden had no comment this week when Proterra declared bankruptcy.

But there’s more.  Biden’s Inflation Reduction Act was going to pave the way for nearly $1 billion going to 389 school districts across all states to replace diesel school busses with electric buses.  Now that’s all in limbo.

Meanwhile, bus fires, believed to be tied to the lithium-ion batteries, is showing cause for concern.  The Fairfield Citizen in Connecticut reported 18 verified electric bus fires in the past three years, after a bus burst into flames in Hamden on July 23, 2023. 

Four DASH electric buses in Alexandria, Virginia were pulled from routes following that fire, pending an investigation into the cause.

Electric Car Problems

While there have been a few electric car fires, manufacturers have other problems staring them in the face as they reportedly have more than 90 days’ worth of unsold EVs at their dealerships.  Dealers don’t want to invest in the equipment necessary to support EV maintenance.  Americans don’t want to be told what cars to buy, and they’re concerned with charging difficulties.

Then there’s Ford’s admission that it is losing $60,000 for every EV sold. 

Wind Power Problems

“After months of warnings about rising prices and logistical hiccups, developers and would-be buyers of wind power are scraping contracts,” according to the Wall Street Journal, “putting off projects and postponing investment decisions.  The setbacks are piling up for both onshore and offshore projects, but the latter’s problems are more acute.”

Reportedly, there are at least 10 offshore projects totaling about $33 billion in planned spending that have been delayed across the U.S. and Europe.

Yet, with plans for offshore projects in the Gulf of Mexico, Biden said “You ain’t seen nothing yet.”  I’m not holding my breath, Joe.

Another Solyndra or Proterra?

This week, during a visit to Arcosa, a wind tower manufacturer in New Mexico,  Biden talked about the $1.1 investment in wind towers, citing a “great example of how the administration’s legislative achievements have bolstered jobs and investments in the U.S.”

With his arm around the shoulders of Arcosa CEO Antonio Carrillo, he again talked about shifting away from fossil fuels to create jobs in energy.  “When I think of climate, I think jobs, I think union jobs.  No joke.”

One has to wonder if Proterra’s failure was floating around in his addled mind.

Across the Pond

Old Joe probably thought he had convinced the UK’s new prime minister Rishi Sunak to support the global Net Zero emissions goal. He rolled out the red carpet for hm at the White House in June.

However, with a large spike in household energy costs last fall and early spring, Sunak and his ministers began looking at changes in its Net Zero program.  The government granted hundreds of new licenses for North Sea oil and gas exploration.

 In addition, when Sunak learned that the country’s national grid was hopelessly underpowered for the challenge of charging millions more electric vehicles, he viewed the Net Zero requirement for 22 percent of motor vehicle sales to be EV’s next year to be a risky jobs and investment goal.  No word yet on the requirement of the ban of news gasoline-powered cars by 2030.

Sounds like a visit by John Kerry with Sunak is in order to bring him in line.

We cannot return to energy independence with fossil fuels soon enough.

May God continue to bless the United States of America.