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Green Energy the Big Winner in Fiscal Cliff Deal?

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    Manhattan Institute Senior Fellow Robert Bryce on the subsidies for green energy.

  • Duration 5:36
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Green energy turned out to be the big winner in the fiscal cliff deal a dozen provisions -- -- twelve of the them.

In the bill extended hefty subsidies for the industry in 2013.

More investments we can't afford and shouldn't make so how much -- our taxpayers getting for their buck joining me now Robert -- senior fellow with the Manhattan institute.

-- Robert welcome back to the show.

So we got twelve billion dollars in tax credits over ten years what will we get your -- Jerry if you look at it from that jobs percent perspective which remember this is what the wind energy lobby -- over and over for months.

In their effort to get the production tax credit extended.

They -- that even if the tax credit was not extended they -- be about a 37000.

Jobs lost.

Well if you just figure this at twelve billion dollar.

Price tag for those jobs do the simple math we're talking what 329000.

Dollars per job -- it's an absurd number.

What might look historically cheque and senate that's of those people who -- the bothering with the wind energy.

Sure think here's a number that astonish -- me so.

84% of infrastructure this is wind energy infrastructure fails to produce when demand is the greatest what are you talking about that's crazy.

This this has been -- -- long been a problem with the wind energy sector Jerry.

That does not produce wind energy it does not produce electricity for -- Does not produce electricity when demand is the highest you can look at here in Texas where.

-- -- more installed wind energy capacity than any other state.

The State's grid operator her -- counts eight point 7%.

Of the installed wind energy capacity as reliable.

Look at other grids around the country this same issue.

When demand is the highest -- electricity prices -- the highest the wind isn't blowing it's in the summer and so this is useless is useless infrastructure when it comes to.

Peak demand times for electricity.

But the president the White House and the EPA they want -- to pay for it I mean.

It's it's it's expense sit.

It doesn't work well so why are we even bothering why don't we let the private sector do it if it's such a great deal let's let them do it.

And I think you ran down -- some of these issues and in the previous segment Jerry when you talked about.

This fiscal -- bill being a prime example of pork barrel spending for congress.

Look you get and an extension of the tax credit first three wheeled electric vehicles.

Three wheeled electric vehicles to -- I don't see.

Electric vehicles cannot we -- three wheeled four -- five -- I mean this is another example of congress trying to pick winners in the energy sector and unfortunately for this administration they.

They have this fixation really on on a lot of energy sources and.

Well you don't about DLJ my friend.

There's the -- That's going to be back.

Who are -- mean is seven inches of cap professors and some obscure school somewhere who have.

Who think this is a viable -- going idea.

-- has had some had shown some promise okay I I'm not going to dismiss it out of hand.

If you can make -- you can use photo -- produce algae on a large scale.

May be may be it works the one that sticks in my -- jury is the cellulose ethanol provision -- an industry that has never never produced.

Any any sizable quantities of ethanol at market prices and yet they get an extension of the tax credit -- the the amount of land that would be needed to make cellulose ethanol -- it just boggles the mind it doesn't work won't work can't work and yet they got an extension of their tax credits in this bill it's just another bad example of how well.

-- -- -- -- talked about something that does work that the administration has turned its back on and that's the coal industry.

Which apparently is going great guns and other parts of the world but not here.

It's a remarkable story Jerry I appreciate you bringing it up.

If you look at what's happened in the US coal consumption is declining rapidly.

But what is happening globally if you look at the report that came out of the IEA the International Energy Agency just last month.

They're looking at -- and reporting on.

-- in global coal production and global consumption.

Over the next five years alone global coal consumption will increase by as much as the coal use of the US and Russia combined.

So out of this situation on renewable here in the US is it -- patting ourselves on the back for women these other things.

The reality is that CO2 emissions globally are soaring.

Largely because of the coal consumption globally which is a function of electricity demand.

Well I -- tell yet.

There is a very positive energy story in the US but it has.

Nothing to do with anything we really talked about today it has everything to do with natural gas that's the future is it not I mean isn't that -- -- going right now.

Well the US now and whether it's oil or natural gas both -- -- incredibly positive stories.

The Bakken shale in North Dakota the Utica shale in Ohio the pot the Bakken in Pennsylvania than that the a Barnett here in taxes the haynesville Louisiana.

These are economic growth stories that are going to continue for decades to come here incredibly positive and of course we can count on the Sierra Club Greenpeace -- to being to -- Two opposing them -- and now thanks to Matt dame and the new promise.

-- them.

Well Robert it's always a pleasure having you -- show thanks for coming on come back any time.

What do -- movie reviews next time how about that -- absolutely I thank you so much.

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