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Manhattan Institute Senior Fellow Robert Bryce on the debate over whether to extend tax credits for wind energy.
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Controversy oil industry facing a fiscal clip of its own.
Wind energy the federal tax credit for wind power producers expires at the end of the year.
This as intense debate heats up over whether or not the government should be throwing your tax dollars -- a -- industry.
In the first place Robert Brice is senior fellow with the Manhattan institute it's always great to have you on the show but today -- actually on -- so happy about that.
Let's start -- the tax credit sure if this is an industry.
Let's face -- they don't really have a lot to show for themselves and yet we subsidize them to the tune of some I think twelve point two billion dollars.
Why.
Well what the industry you remember just a few years ago they're saying we're all about reducing carbon dioxide that that was their whole argument will now it's shifted into this.
We create jobs argument and so they're saying if you -- we don't if congress does not extend the production tax credit.
We'll lose 37000 jobs but I think that it -- they might get an extension but it's there's a big push among utilities a lot of groups to to end the tax credit -- Very well could be ended.
-- just doesn't work that well 84% of the answer infrastructure fails to produce electricity when demand is greatest.
I mean it as a solution to our energy problems how would you rate it.
Well it's not a solution and and and its wholly dependent upon.
Upon electric utilities and electric generation that can be dispatched.
We can't count on win win that would demand its highest wind output is generally at its lowest and that's and that's a big problem.
In the irony here is that these anti wind groups who say are growing in number take a look at this.
In the US -- hundred group's UK 200.
-- 500 what's going on.
Well this is part of the global backlash against the wind industry and it what's fascinating Jerry here's an industry that has been very successful in portraying itself as green.
We produce green energy green electricity reduce CO2 emissions.
But when you look at at countries around the world and I'd get a view people Australia New Zealand.
Here in the US Ontario huge backlash in Ontario.
We're seeing this backlash against these large wind projects going and all her place a -- about New York picture of an interesting example there.
Just last month.
Lawyers in here in New York filed a lawsuit sixty -- in her former county which is just further north and Al but he.
They filed a lawsuit saying these these projects -- wind -- some -- built within a thousand feet or so of residences.
R&R -- all -- -- keeping them up at night diminishing their property values and now they filed suit and I think it's indicative of the backlash.
Well it's interesting you say -- is the first time I'm really gonna be heard -- a lot of issue about the sound in the U yes yes and it seems to me.
That that's pollution.
Well sure it is and that's the part that I think it exposes the double standard Jerry and it just drives me crazy where's the Sierra Club wears a wears green peace.
Natural resources defense council the so called environmental groups.
-- -- standing up for these small land -- owners these people are are are really getting.
A raw deal and -- of the wind energy companies of course are making handsome profits but these individual landowners are are really getting the short end of the state.
I would be happy -- one -- those that up next you certainly would not let me.
Let me ask you about something that they wanna call the energy strategy counsel they're suggesting that starting and national energy strategy council -- That would come up with a policy.
-- to not every federal agency in the world gets involved.
Possible.
Well sure it's possible that -- -- this is the federal government after all.
But it what bothers me is that there are this idea that we'll have a quadrennial review we'll have a four year plan just like the Pentagon.
Well I don't know that that's the best model to work on.
-- well I have to ask you about BP today should.
Because there's big news coming from BP and federal governments say you're disqualified.
From winning new contracts.
Here's the PA statement -- suspicion suspension that is is due to BP's lack of business integrity as demonstrated by the companies conduct with regard to.
The deep water horizon blowout explosion.
Oil spill.
And response now the stock -- not really get hit today what's your estimate of -- between.
I'll I think it's going to be a temporary move I think the Obama administration again is wanting to show.
You know holed up BP that we're punishing them but this is an enormous company it's one of the biggest oil and gas producers in the US.
Doesn't matter if it loses -- contracts in the US well they have a lot of contracts already so those contracts don't go away this only on new contracts so it's important but I think it's gonna be it think it's a temporary deal.
Proper pricing that's come back from the Fed again it's a pleasure having always have to be yeah.
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