As Gasoline Prices Soar Out Of Control, Yet ANOTHER Obama Energy Boondoggle Pisses Away Taxpayer Money By Hundreds Of Millions Of Dollars

Barack Obama giving away $2 billion in stimulus money on July 4, 2010:

In fact, today, I’m announcing that the Department of Energy is awarding nearly $2 billion in conditional commitments to two solar companies.

The first is Abengoa Solar, a company that has agreed to build one of the largest solar plants in the world right here in the United States. After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs right here in America. In the short term, construction will create approximately 1,600 jobs in Arizona. What’s more, over 70 percent of the components and products used in construction will be manufactured in the USA, boosting jobs and communities in states up and down the supply chain. Once completed, this plant will be the first large-scale solar plant in the U.S. to actually store the energy it generates for later use – even at night. And it will generate enough clean, renewable energy to power 70,000 homes.

The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.

Obama’s “investment” today:

Earlier today I mentioned Energy Secretary Chu’s statement to Congress that the administration didn’t care about lowering gas prices, just pushing alternative energy. Now we have the latest failure as part of that scheme, Abound Solar Manufacturing, has announced it will lay off 70% of its workforce. The company received a $400 million loan guarantee through the Obama stimulus.

Oh, and by the way, Abound got that $400 million loan even though it was obviously a huge credit risk:

A month before Abound Solarannounced it would be laying off nearly half its workforce, Congressional Republicans alerted the U.S. Department of Energy that they had questions about the decision to loan the Colorado firm $400 million.

The House Committee on Oversight and Government Reform asked Energy Secretary Steven Chu to explain how the solar panel manufacturer had qualified for the loan after the ratings firm Fitch had determined the company would make a “highly speculative” investment.

“Fitch describes Abound as lagging in technology relative to its competitors, failing to achieve stated efficiency targets, and expecting that Abound will suffer from increasing commoditization and pricing pressures,” wrote Rep. Darrell Issa, R.-California, the committee chairman. “DOE’s willingness to fund Abound, despite these concerns, calls into question the merits of this loan guarantee.”

Obama is demonizing oil companies (you know, the people who are the only reason ordinary Americans are able to get into their cars and drive somewhere) while he continues to give away billions of dollars to his crony capitalist fascist friends at the useless green energy companies.  Oh, and he’s demonizing the $4 billion in tax breaks to oil companies that keep this country going while he is proposing to give away $5 billion more to green energy that produces virtually nothing.

That should seriously piss you off, because gas prices – you know, the stuff that the oil companies Obama demonizes produce – have more than DOUBLED under this failed president’s failed policies:

The day Barack Obama took office, the average national price of gasoline was $1.84 a gallon.

As of today, March 1, 2012, the average national price of gasoline is $3.74 a gallon.

Oh, and gasoline may very well hit $5 a gallon by Memorial Day.

While even Bill Clinton is urging the Failure-in-Chief to “embrace” the Keystone Oil Pipeline that Obama has refused to alllow even though it wouldn’t have required ONE PENNY in taxpayer money.

Beyond Solyndra – which devoured more than half of a BILLION dollars in taxpayer money before going completely bankrupt – there have been many other massive Obama failures.

Just a couple:

Green energy company given federal stimulus funds lays off 125 workers, gives pay raise to executives
Published February 26, 2012 | FoxNews.com

An electric car battery company reportedly has laid off 125 employees since receiving $390 million in government subsidies, but is still handing out big pay raises to company executives.

A123 systems, which was touted as a stimulus “success story” by former Gov. Jennifer Granholm, D-Mich., had a net loss of $172 million through the first three quarters of 2011, according to the Washington Examiner’s “Beltway Confidential” blog, citing a report from the Michigan-based Mackinac Center for Public Policy.

A123’s primary customer, Fisker Automotive, is also struggling financially. “Yet, this month A123’s Compensation Committee approved a $30,000 raise for [Chief Financial Officer David] Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received.”

This month has seen significant pay boosts for other A123 executives, as well, including vice presidents Robert Johnson and Jason Forcier.

The raises were reported by the company in its filings with the U.S. Securities and Exchange Commission, according to the Mackinac report.

“It looks highly suspicious,” Paul Chesser, associate fellow for the National Legal & Policy Center, told Mackinac. “It looks like they are trying to pad their top people’s wallets in case something really bad happens.”

Click to read the Washington Examiner blog.

Click to read the Mackinac Center for Public Policy report.

And far, FAR worse:

Obama Gave Billions to Green Energy Companies with Ties to His Administration and 2008 Campaign
Posted by Jim Hoft on Thursday, February 16, 2012, 1:13 PM

The RNC released this infographic today showing that billions in taxpayer dollars were were given to firms with close ties to the Obama Administration.

The Washington Post reported:

Overall, the Post found that $3.9 billion in federal grants and financing flowed to 21 companies backed by firms with connections to five Obama administration staffers and advisers.

Obama’s program to invest federal funds in start-up companies — and the failure of some of those companies — is becoming a rallying cry for opponents in the presidential race. Mitt Romney has promised to focus on Obama’s “record” as a “venture capitalist.” And in ads and speeches, conservative groups and the Republican candidates are zeroing in on the administration’s decision to extend $535 million to the now-shuttered solar firm Solyndra and billions of dollars more to clean-tech start-ups backed by the president’s political allies.

White House officials stress that staffers and advisers with venture capital ties did not make funding decisions related to these companies. But e-mails released in a congressional probe of Obama’s clean-tech program show that staff and advisers with links to venture firms informally advocated for some of those companies.

David Gold, a venture capitalist and critic of Obama’s investments in clean tech, said that even if staffers had been removed from the final decision-making, they had the kind of inside access to exert subtle influence.

“To believe those quiet conversations don’t happen in the hallways — about a project being in a certain congressman’s district or being associated with a significant presidential donor, is naive,” said Gold, who once worked at the Office of Management and Budget. “When you’re putting this kind of pressure on an organization to make decisions on very big dollars, there’s increased likelihood that political connections will influence things.”

Energy Department spokesman Damien LaVera said the companies won awards based on merit, not political connections. He said the staffers and advisory board members reviewed by the Post had no role in funding decisions, nor did they have any personal financial stake in the companies. One of those administration advisers had first been appointed to his position by the Bush administration, LaVera said…

Thousands of agency and White House e-mails released as part of the Solyndra investigation show that venture capitalists who held advisory roles with the Energy Department were given access to Obama’s top advisers.

Read the whole thing. It will make you ill.

Obama is selling this country out even while he works to implode it by starving us of energy while spending us into bankruptcy.

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6 Responses to “As Gasoline Prices Soar Out Of Control, Yet ANOTHER Obama Energy Boondoggle Pisses Away Taxpayer Money By Hundreds Of Millions Of Dollars”

  1. John Says:

    You should probably get your facts straight, but than again, it is the internet and we know how reliable that is.

    http://mediamatters.org/research/201109190020

  2. Michael Eden Says:

    John,

    You snivelling cockroaches who tell me to “get my facts straight” but are unable to point to so much as A SINGLE FACT that I don’t have straight make me sick.

    My God, you talk about how unreliable the internet is AND THEN THROW MEDIA MATTERS AT ME????

    If there is one media entity on earth that proves that we live in an age of propaganda similar to Goebbel’s Ministry of Propaganda or Stalin’s TASS, it is Media Matters.

    Did Bush approve the Solyndra loan?

    From ABC News:

    The White House also noted to ABC News that the Bush administration was the first to consider Solyndra’s application and that some executives at the company have a history of donating to Republicans. The results of the Congressional probe shared Tuesday with ABC News show that less than two weeks before President Bush left office, on January 9, 2009, the Energy Department’s credit committee made a unanimous decision not to offer a loan commitment to Solyndra.

    The Solyndra timeline provided by Yahoo News doesn’t even MENTION the Bush administration because Bush had nothing to do with the Solyndra loan debacle.

    Some simple facts: 1) the Bush administration STOPPED the Solyndra loan; Obama revived it. Not only did Obama revive it, but he reworked the loan so that his donors would get huge benefits.

    You are as full of crap as Rachel Maddow. And Rachel Maddow is chock full of crap.

    Get lost, loser.

  3. emma Says:

    They say gas is really a good economic indicator. Gas up means business profits and trucking companies suffer. Gas prices down and the economy normally does a lot better. The worse thing is that if the prices of gas goes down and the economy sinks with it, things will not be good at all.

    The guy from http://www.forecastfortomorrow.com is scarily accurate and I listen to him regularly, and he is saying if you think gas is high now, you better look out.

  4. Michael Eden Says:

    Emma,

    I think he’s very clearly right.

    When you consider Obama’s total lack of a viable energy policy (let’s fund more Solyndras while we kill domestic oil drilling) with his total lack of a foreign policy (how about “pretty please don’t build a nuke, Iran?), you’ve got sky-high gas prices.

    I wrote this today about where the Obama meets the road on Iran. Read it and tell me Israel will trust Obama and not attack Iran.

    That’s when you’ll REALLY see sky-high gas prices. And contrary to Obama’s demonization of everyone who isn’t wearing his underwear, it will be ALL Obama’s fault.

  5. Jaw W Says:

    Uh, hello? Anybody in there? Are you high? WTF are you thinking? I don’t like Obama but NONE of this is his fault. Yes he’s made terrible & selfish (possibly corrupt?) alt-energy policy choices, but HIGH GAS PRICES ARE THE PRODUCT OF A SHEIK-FRIENDLY REPUBLICAN PRES. FROM AN OIL FAMILY and his economic conservative constituents on Wall Street. There’s no mistaking that.

    In 2001 when GWB took office, gas in NE IL was $1.50/gal. In 2008, a yr before he left office, gas was at its RECORD HIGH of $4.50! people around me were desperate, hoarding gas and waiting in line at stations that were a nickel cheaper than the others.

    After the GWB admin spearheaded the Great Depression of 2008, gas plummeted due to economics – people just didn’t have money for gas. All the jobs were gone. They’d succeeded 2 things: moving a HUGE CHUNK of the wealth in the US up the totem pole, and scaring reg. American folk into submission. So back down, under $2 as the GWB tenure came to an end. Now, at every sign of economic recovery, Wall St pressures prices higher. Why? To accelerate the exploding divide between working Americans and the super-rich.

    When Obama was inaugurated, gas was LOW because the economy under the GWB admin had nearly collapsed! Now greedy traders are working feverishly to drive gas back up, hoping to sway the NEXT election! Gingrich is already touting $2/gal gas. What a crock, that fat, amoral hypocrite.

    So you’ve gotta be kidding me. Anyone who believes your hype is either a brain-dead drone-soldier of the Oligarch Class or just completely deluded. Sorry, **I** have the facts. Documented by empirical, historical evidence.

    Problem is, most Americans don’t remember things and/or are too lazy to look them up.

    And TRUST ME, I’m no Obama fan. Not at all. RON PAUL!!!

  6. Michael Eden Says:

    And TRUST ME, I’m no Obama fan. Not at all. RON PAUL!!!

    […]

    HIGH GAS PRICES ARE THE PRODUCT OF A SHEIK-FRIENDLY REPUBLICAN PRES

    Jaw W,

    Why should I trust you, you wicked liar?

    When you say “HIGH GAS PRICES ARE THE PRODUCT OF A SHEIK-FRIENDLY REPUBLICAN PRES” you’re clearly no supporter of REPUBLICAN Ron Paul.

    What you ARE saying – if anything – by claiming that you “don’t like Obama” or that you’re “no Obama fan” is that you are more of a leftwing fascist than Obama is. Don’t drag Ron Paul into your stupidity.

    THIS is what Ron Paul said about why oil prices are high:

    He said the same basic thing here:

    Strange, But Ron Paul doesn’t do what you say he does at all. Rather, he explains that oil is a commodity that has gone up so much in price because freaking idiot liberals like YOU clearly truly are have borrowed and inflated us into OBLIVION.

    You say that this isn’t Barack Obama’s fault. Ron Paul – whom you dishonestly say you support – says otherwise. Ron Paul says that Obama’s adding $6 trillion to our damn debt in just three years (versus $4 trillion from Bush over EIGHT years) was what caused oil to skyrocket in price (here’s another look at who blew up our currency more – hint: it wasn’t Bush).

    Ron Paul said that Obama’s damn $862 billion stimulus (which actually cost the American taxpayer $3.27 TRILLION) was what caused oil to skyrocket.

    Ron Paul said that Obama’s damn QE1 and QE2 where he had the Federal Reserve just start adding zeros to the money supply was what caused oil to skyrocket.

    You are a liar. And abject liars like you do not get tolerated here.

    I keep saying it and you liberals keep proving it: liberals are bad people. They know they are bad people. They know if they were ever to actually be honest and tell us who they are and what they want, all decent people would reject them. So they lie; they masquerade; they put on false disguises and tell us that they really aren’t liberals at all; they’re “independents” or they’re “Ron Paul supporters” or they even “conservaties”; the bottom line is that they are ANYTHING other than what they really are – cockroach liberals.

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