The legendary UCLA basketball coach John Wooden often told his players: “be quick, but don’t hurry.”
Opinion polls
show
that Americans want a green, pristine economy. But the majority of Americans
don’t want to pay
significantly more for
green energy
.
Climate change
is global. Green energy progress in the United States is immaterial because the large economies of Asia remain addicted to coal. Hurrying to a green future is poor policy when the U.S. enjoys a large comparative advantage in the fossil fuels market. A rushed transition will be as economically and socially disruptive as the rise of China.
FROM COLD WAR TO FROZEN CONFLICTS
The hydrocarbon sector continues to expand in the U.S. The U.S. is the world’s largest exporter of natural gas. Communities with significant exposure to the oil and gas sector
are growing
. Wages are high. The domestic oil and natural gas sector paid a national annual wage averaging
$115,166
during 2021. That figure was 76% higher than average private sector wages.
The U.S. runs a trade surplus in the energy sector. The country runs a significant trade deficit outside the energy sector. Moreover, U.S. production of oil and gas lowers both domestic and global energy prices. So why is the Biden Administration in such a hurry to go green when black energy is a cornucopia of riches for America and its people?
The transition to a green economy is driven by politics, not economic efficiency. Green energy systems are less productive than carbon-based systems. They are not 24/7 power systems. Solar and wind need back up carbon-based systems, which are expensive. The cost of a combined cycle natural gas plant is about
50% less
expensive than the levelized cost of either a solar farm or a wind power system. To compound the economic insanity of hurrying to a green economy, solar and wind systems are land intensive requiring geographies larger than the areas of Illinois, Indiana, Ohio and Kentucky combined. Push back by rural communities is underway. Green zealots are panicking.
The construction of green energy systems is also resource intensive. The carbon emissions associated with steel and concrete are enormous. For example steel creates 1.5 tons of carbon emissions for every ton of the metal produced. Concrete production accounts for 8% of world carbon emissions. Wind systems
require massive amounts
of concrete for stability. Solar systems require copper and rare earths. Mining is carbon intensive.
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Let the free market determine the pace of change not political expediency. Above all, don’t hurry.
