In the Pipeline: 8/13/13

Broken promises. SEC investigations. Empty lots. No product. In other words, pretty standard stuff for anything with the word “Green” in it.

The Washington Post (8/10/13) reports: “Just off the legendary Highway 61, where crop-dusters perform acrobatics above billboards for Mississippi Delta casinos, is the place where Virginia gubernatorial candidate Terry McAuliffe pledged to build a $60 million factory for his electric-car company. On a recent summer day, a bird was skittering over patches of weedy gravel at the vacant site of what is supposed to be GreenTech Automotive’s future plant. Virginia gubernatorial candidate’s “green” car company fails to pay desired political dividends. In Horn Lake, Miss., GreenTech runs a temporary assembly plant in an old elevator factory. There, fewer than 100 workers are producing no more than one car every two or three days, according to current and former company employees.”

Passing on the mantle.

The Washington Times (8/12/13) reports: “China will become the world’s largest importer of crude oil in October, surpassing the U.S. for the first time as the Asian giant’s rising consumer class of drivers grows increasingly thirsty for fuel, the U.S. Energy Information Administration is projecting. China already is the largest importer of oil from the troubled Middle East, taking away a distinction that plagued the U.S. since the 1970s. Its ascendance as the world’s largest importer — even as U.S. dependence on Middle Eastern oil declines to negligible levels — could transform regional and world politics as the focus of global defense efforts for decades has been keeping open the vital oil shipping lanes leading from the Persian Gulf.”

Chinese drivers may be pushing their need for imports up, but our increased oil production is decreasing our reliance on imports. 

The Institute for Energy Research (8/13/13) reports: “The Energy Information Administration (EIA) reports that the China is expected to surpass the United States in oil imports this October and to lead the world in total oil imports in 2014. As the graph below shows, the United States, on a net basis (imports less exports), has decreased its net oil imports fairly dramatically over the last several years. There are several reasons for this decline. Most importantly, U.S. oil production is up. But, other reasons include increased exports of petroleum products, lower or flat liquid fuels demand, and biofuels production that has generally been increasing. China, unlike the United States, has a heavily growing demand for petroleum products and much lower production growth.”

Stop me if you’ve heard this one before.

The Washington Free Beacon (8/12/13) reports: “The U.S. Department of Energy (DOE) has suspended stimulus payments to a major green energy company after the company said it is having trouble finding financing and may have to declare bankruptcy. ECOtality admitted that possibility in a filing with the Securities and Exchange Commission (SEC) last week. Lackluster sales caused revenues to fall significantly short of its expenses, the company said. ‘Although the company is currently exploring options for a restructuring or sale of the entire business and/or assets of the company, the company may need to file a petition commencing a case under the United States Bankruptcy Code as part of any such process or otherwise in the very near future,’ ECOtality said in its SEC filing. ECOtality has received more than $100 million in federal funds, the bulk of which came in a $99.8 million stimulus award for the construction of its electric vehicle charging stations.”

Harry Reid throws a really scary Halloween party in August. If you notice, there is not a soul invited who actually cares about affordable, reliable energy.

National Clean Energy Summit reports: “The National Clean Energy Summit has been the national stage for clean energy development discussions for six years and serves as the country’s most visible and influential gathering of leaders and top policymakers. The day-long clean energy summit is hosted by Senate Majority Leader Harry Reid (D-NV), the Center for American Progress, the Clean Energy Project, MGM Resorts International, and the University of Nevada, Las Vegas. National Clean Energy Summit 6.0: Energizing Tomorrow will focus on empowering individuals, governments, and businesses to continue our transition to a clean energy future. This year’s conference will highlight solutions needed to energize our clean energy economy for tomorrow. By identifying hurdles facing clean energy development today and discussing the solutions needed to clear these hurdles, we can energize tomorrow.”

The battle lines are forming. We’re glad these folks are in the fight with us.

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