In October, battery maker A123 became the latest government-backed alternative energy firm to file for bankruptcy. The company, which was awarded a $249 million federal grant to build electric car batteries in Michigan, is yet another reminder that even highly subsidized alternative energy sources still have trouble competing with oil, natural gas and coal. That hasn’t stopped anti-fossil fuels crusaders from pushing their economically infeasible ideas.
A new campaign to cut off investment in the fossil fuel industry is the latest example of just how far green extremists will go to further their nonsensical agenda. Not only are they putting America’s energy security at risk, they are threatening to deal a blow to our already shaky economy.
This ludicrous crusade to attack fossil fuels is run by Bill McKibben, whose group 350.org, is waging war against the fuels that power America. Not content with our government’s policy of propping up failing green energy firms, McKibben and company have launched “Do the Math,” a campaign that urges churches, universities, pension funds and individuals to sell their investments in companies that produce fossil fuels.
The goofy logic behind this campaign is that, by encouraging divestment in fossil fuels, 350.org can get oil companies to leave 80 percent of known oil, natural gas and coal reserves buried forever and, in the process, slow climate change.
The real goal of the scheme is to put investor-owned oil, natural gas and coal companies out of business. And they are willing to cripple the American economy to do it.