(Daily Caller)—The past week has been marked by worrying developments for the state of the green energy industry, suggesting that President Joe Biden’s sweeping climate agenda could be imperiled.
Offshore wind companies are cancelling projects and executives are sounding the alarm on the state of the industry, while solar companies and indexes have seen their value continue a months-long slide that has resulted in diminished earnings forecasts and a solar-oriented loan provider’s bankruptcy. These developments suggest that Biden’s sweeping green energy plans could be in trouble, especially given the intractable nature of some of the crucial economic problems plaguing the industries.
“Boosters for this energy transition bet the farm on three rent-seeking industries: wind, solar and electric vehicles. Two legs of that three-legged stool are now showing signs of financial distress despite massive subsidies they’ve already received from multiple levels of government,” David Blackmon, a 40-year veteran of the oil and gas industry who now writes and consults extensively on energy, told the Daily Caller News Foundation. “American consumers, who are paying the price for this in the form of skyrocketing costs of all forms of energy, should demand their representatives hang up the phone when the calls come in from wind and automaker executives asking for even more.”
.@larry_kudlow: "The Green New Deal is destroying jobs." pic.twitter.com/5GzLTdVvKH
— Daily Caller (@DailyCaller) September 26, 2023
Orsted, a Danish offshore wind company, announced on Tuesday that it cancelled two major developments off the coast of New Jersey. Company executives blamed factors like inflation, interest rates and supply chain woes, saying that the problems had left the firm little choice but to walk away from the major projects.
Since the cancellations, the company’s stock price has fallen even further and S&P has indicated that it is considering downgrading the company’s credit rating. But Orsted is not the only offshore wind company showing signs that the industry may be in an extremely precarious position.
The U.S. offshore wind industry appears to be “fundamentally broken” due to problems with permitting and rising costs, Anja-Isabel Dotzenrath, the head of gas and low carbon energy for British Petroleum (BP), said at a conference on Wednesday, according to Bloomberg News. “There’s a fundamental reset needed,” she said, suggesting that there could be solutions and that her company is working with its partner to assess “options for their U.S. offshore wind projects to mitigate the effect of inflationary pressures and permitting delays.”
Under Biden’s leadership, the federal government has heavily subsidized the offshore wind developments, primarily via the Inflation Reduction Act (IRA), in a bid to have the industry provide enough power to source electricity for 10 million American homes by 2030. The state of the industry is so dire that numerous energy market experts told the DCNF that a government bailout for the industry may be just around the corner.
Fox News’ Peter Doocy presses @PressSec about where laid off energy workers would go to get “green” jobs:
President Biden “laid out a plan that will not only create millions of good union jobs but also help tackle the climate crisis.”
pic.twitter.com/MNJauWzYoB— Daily Caller (@DailyCaller) February 8, 2021
The offshore wind goal is just one slice of the administration’s efforts to decarbonize the American energy sector by 2035 and then have the entire U.S. economy reach net-zero carbon dioxide emissions by 2050.
Like offshore wind, the administration is counting on solar power to emerge in the coming years as a replacement for the energy generated by fossil fuel infrastructure. Solar power is also similar to wind power in that it is intermittent and currently more expensive than power sourced by natural gas and other fossil fuels, according to Peter Grossman, an emeritus professor of economics for Butler University.
Solar companies have generally had a rough 2023 so far, and this past week has been no different: while stocks are down for several leading solar producers, Sunlight Financing, a company which provided loans to consumers to buy residential solar systems, filed for Chapter 11 bankruptcy on Monday. Several leading home system installers pared back their outlooks for the year this week as well, as higher interest rates and inflation have cooled consumer demand, according to Bloomberg News.
“The green industry makes products that are both very expensive and mostly ineffective,” Larry Behrens, the communications director for Power The Future, told the DCNF. “Yet, instead of admitting reality, we have an administration in Washington that is doubling-down and working overtime to force these terrible products into our lives,” he continued, adding that “thanks to the laughably-named Inflation Reduction Act, Joe Biden has a $369 billion dollar green slush fund and he’s put a political operative in charge of it… Joe Biden knows that when the green agenda fails, his legacy will sink even further, so there will be no dollar amount too high to keep green boondoggles afloat for as long as possible.”
The White House, Orsted, BP and Sunlight Financing all did not respond immediately to requests for comment.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
