Wednesday, September 14, 2005

A mere $3 billion

Froma Harrop writes in today's Providence (R.I.) Journal: "Of the $14.5 billion in tax breaks to energy producers [in the recent energy bill], about $9 billion goes for oil, gas and coal -- and at a time of soaring oil profits. A mere $3 billion was set aside for incentives to produce electricity from renewable sources."

Mere? Over 21% of the subsidies go to renewables, which produce about 6% of our energy. That doesn't sound like an arrangement to complain about. And the soaring profits, the efficient movement of large amounts of public money into private hands, at least in wind, are there, too -- that's why Goldman Sachs and J.P. Morgan Chase are in the business.

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