The Coming Collapse of Green Energy (and why EVs will never catch on) – In the Tank #422

The Heartland Institute’s Jim Lakely, Chris Talgo, Linnea Lueken, and special guest Jason Isaac of the Texas Public Policy Foundation present episode 422 of The In the Tank podcast. The Biden administration is continuing to mandate the electrification of everything while at the same time pulling offline the reliable and affordable power generation and transmission that would make it remotely possible. And this is a global delusion, not just a growing problem in the United States. Energy prices are skyrocketing and the “green energy” industry is now demanding even more government handouts – and permission to hike prices even more – to keep the scam going. But are we seeing signs that a rapid collapse of the scam is near?

Investments in “alternative energy” companies took off in 2020, but all those gains are now gone. General Electric announced that it will post $1 billion in losses in its wind division. The S&P Global Clean Energy Index is down more than 30 percent this year and still dropping. Siemens, one of the premier German manufacturers of wind turbines, saw its stock price crash by nearly 40 percent in one day last week and now wants a 15-billion-euros handout from the German government. It also appears that “Big Oil” is giving up on pretending to be a part of the “green energy” future and is consolidating to produce even more oil and gas in the future.

And in signs that the EV bubble is collapsing, Ford announced that it lost $1.3 billion in its EV division during the third quarter of 2023 – which translates into a loss of $62,016 for each of the 20,962 EVs it sold during the period. The CEO of Mercedes Benz said of the glut of EVs on the market that the public doesn’t want: “I can hardly imagine the current status quo is fully sustainable for everybody.” Even Elon Musk is warning that demand is just not there for this massive, government-driven push for EVs.

Joining us to talk about all this is Jason Isaac, senior fellow of Life:Powered, a national initiative of the Texas Public Policy Foundation and co-author of the brand new report: “Overcharged Expectations: Unmasking the True Cost of Electric Vehicles.” With government so invested with OUR MONEY in these schemes, is it inevitable that a massive financial bailout for these boondoggles is coming?

SHOW NOTES

PRIMARY TOPIC – The Coming Collapse of Green Energy and EVs

Powerline - The Daily Chart: More Red Ink for Green Energy
https://www.powerlineblog.com/archives/2023/10/the-daily-chart-more-red-ink-for-green-energy.php

Powerline - Green Dreams Going Up in Smoke
https://www.powerlineblog.com/archives/2023/10/green-dreams-going-up-in-smoke.php

Reuters - Siemens Energy shares slide 39% after company seeks state guarantees
https://www.reuters.com/business/energy/siemens-energy-seeking-billions-euros-state-guarantees-wiwo-2023-10-26/

Plan to Hike Electric Bills 29% Sparks Fury in Wyoming
https://www.wsj.com/business/energy-oil/electricity-prices-renewable-power-wyoming-b863bf8

JunkScience on X – China controls most of the clean tech processing supply chain
https://twitter.com/JunkScience/status/1719184775867404708

EVS ARE NOT SUSTAINABLE

Texas Public Policy Foundation – Overcharged Expectations: Unmasking the True Cost of Electric Vehicles
https://www.texaspolicy.com/wp-content/uploads/2023/10/2023-10-TrueCostofEVs-BennettIsaac.pdf

Daily Signal – Biden Poised to Bail Out Wind Energy Industry, Experts Predict
https://www.dailysignal.com/2023/10/30/bailout-for-offshore-wind-energy-may-be-right-around-corner-experts-say/

Wall Street Journal – Brace for the Wind and Electric-Vehicle Bailouts
https://www.wsj.com/articles/brace-for-the-wind-and-electric-vehicle-bailouts-506383a8?mod=opinion_lead_pos6

Reuters - Ford again warns on EV results, withdraws 2023 forecast
https://www.reuters.com/business/autos-transportation/ford-withdraws-2023-forecast-warns-ev-results-2023-10-26/

GM Authority – GM Delays Launch Of Chevy Equinox EV, Silverado EV RST and GMC Sierra EV
https://gmauthority.com/blog/2023/10/gm-delays-launch-of-chevy-equinox-ev-silverado-ev-rst-and-gmc-sierra-ev/

CNBC – GM, Honda scrap plans to co-develop ‘affordable’ sub-$30,000 EVs
https://www.cnbc.com/2023/10/25/gm-honda-scrap-plans-to-co-develop-affordable-sub-30000-evs.html

Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
https://www.cnbc.com/2023/10/26/hertz-pulls-back-on-ev-plans-citing-tesla-price-cuts-repair-costs.html

Biden climate czar quietly met with flailing EV company dependent on taxpayer handouts
https://www.foxnews.com/politics/biden-climate-czar-quietly-met-flailing-ev-company-dependent-taxpayer-handouts