See, it was only a matter of time before liquid coal made its egregious way back to front and center of the “energy security” debate.
Prodded by intense lobbying from the coal industry, lawmakers from coal states are proposing that taxpayers guarantee billions of dollars in construction loans for coal-to-liquid production plants, guarantee minimum prices for the new fuel, and guarantee big government purchases for the next 25 years.
Liquid coal produces more CO2 than gasoline, so, all the coal makers are claiming that they will sequester the CO2, and use renewable energy to produce the coal, it’s a lie, and an expensive one at that.
It is going to be more expensive, more polluting, and more profitable for big coal companies at tax payers expense than any other options available.
In addition to construction loan guarantees, Mr. Boucher would
protect the first six liquid plants from drops in energy prices. If oil
prices fell below about $40 a barrel, the government would
automatically grant loans to the first six plants that make coal-based
fuels. If oil prices climbed to $80 a barrel, companies would have to
pay a surcharge to the government.
But the most important guarantee, many coal producers said, is the prospect of signing 25-year purchase contracts with the Air Force.
Wow, why can’t solar or wind energy get these kinds of incentives?
“There is financial uncertainty, which is inhibiting the flow of
private capital into the construction of coal-to-liquid facilities,”
said Mr. Boucher, who supports most of the proposals and is drafting
portions of the energy bill.
Yes, there is “financial uncertainty” because without the taxation of the American public, there is no hope of making money with this thing. It’s just a giant boondoggle to transfer money from the public sphere into coal companies.
The US is losing its collective mind!