Obama's energy arrogance

NY Times:

...

Mr. Obama chided critics of the proposed legislation, saying, “There are those who will suggest that moving toward clean energy will destroy our economy when it’s the system we currently have that endangers our prosperity and prevents us from creating millions of new jobs.”

He was apparently referring to the U.S. Chamber of Commerce and the National Association of Manufacturers, which oppose the proposal moving through Congress to cap emissions of greenhouse gases and allow companies to buy and sell permits to pollute. That approach, known as cap and trade, is meant to guarantee that emissions will decline, while providing market incentives for companies to invest in the most cost-effective technologies.

The legislation “provides the largest single boost in scientific research in history,” Mr. Obama said.

...

There is really no basis for Obama's claim. In fact there is substantial evidence to the contrary. In the meantime he is killing thousands of jobs that would be created by exploring for oil and gas and at the same time deny governments at all levels around a trillion dollars in royalty income that could help cover some of the deficits they are running at this time.

He is making a wild bet that some magic energy will emerge to replace oil and gas, but based on over 30 years of history it is yet to emerge. If there were really competitive alternatives in the marketplace, we would not need to manipulate the market for energy.