The Green Implosion

Comments Off on The Green Implosion
The Green Implosion

According to conventional wisdom, the world faces two crises of epic proportions:

  1. The global supply of fossil fuels will soon be exhausted, crippling the economy as energy sources run dry; this is the "Peak Oil" theory.
  2. Rising temperatures due to carbon dioxide emissions from the burning of fossil fuels will lead to environmental catastrophes such as the melting of the polar ice caps; this is the "Global Warming" theory.

In previous issues, we've detailed the faulty assumptions and flawed science that underlie each of these theories.  To sum up, the "Peak Oil" theory has crumbled as new technologies have recently enabled the cost-effective extraction of oil and natural gas from tar sands and shale formations, providing the world with an abundant supply of fossil fuels for several decades.  Long before that supply runs out, clean, safe, and reliable advanced fission technology will provide most of our energy needs, and nuclear fusion will then replace that technology as we approach 2100.

Moreover, the "Global Warming" theory turned out to be nothing more than a false alarm because temperature increases actually stopped in 1997, according to the United Kingdom's National Weather Service.1  Despite the dire predictions by Al Gore and others that all of the ice in Arctic waters would melt by 2013, the reality is that the extent of sea ice in the Arctic expanded in 2013 by nearly 50 percent over the previous year, according to satellite data reported by the BBC.2, 3

Furthermore, the fracking revolution is enabling utilities to switch from coal to natural gas, lowering the output of carbon dioxide.  New clean-coal technologies, profiled in prior issues, are enabling even the utilities that continue to burn coal to eliminate carbon dioxide emissions.  Captured carbon dioxide is being turned into plastics, industrial chemicals, and even liquid fuel for vehicles.

Clearly, neither "Peak Oil" nor "Global Warming" turned out to be a crisis.  Nonetheless, the Obama Administration created a costly solution to both of these imaginary catastrophes:  massive taxpayer-funded support for "Clean Tech" companies.

The "Clean Tech" industry consists of all of the heavily subsidized energy technology companies, including those that make batteries, solar panels, wind turbines, electric cars, and so on.  The rationale was that these firms — protected from market forces by a massive injection of federal cash — would provide so-called "green" energy sources that would replace fossil fuels that were supposedly in short supply and hazardous to the environment...

To continue reading, become a paid subscriber for full access.
Already a Trends Magazine subscriber? Login for full access now.

Subscribe for as low as $195/year

  • Get 12 months of Trends that will impact your business and your life
  • Gain access to the entire Trends Research Library
  • Optional Trends monthly CDs in addition to your On-Line access
  • Receive our exclusive "Trends Investor Forecast 2015" as a free online gift
  • If you do not like what you see, you can cancel anytime and receive a 100% full refund