HOUSE Speaker Nancy Pelosi recently called congressional Republicans
who want up-or-down drilling votes "hand maidens of the oil companies."
Let's call Pelosi what she is: House girl of the Big Wind boondogglers.
Pelosi refuses to consider GOP energy proposals that don't include
massive government subsidies for so-called eco-alternatives that have
never panned out.
Which brings us to Pelosi's 2007 financial disclosure form.
Schedule III lists "Assets and 'Unearned Income' " of $100,001 to
$250,000 from Clean Energy Fuels Corp. - Public Common Stock. Clean
Energy Fuels Corp. (CLNE) is a natural-gas provider founded by T. Boone
Pickens, the former oilman turned wind-power evangelist.
Pickens and Pelosi both downplay the need to drill for more US oil.
Instead, the Pickens plan proposes to replace natural gas with wind
power in power generation and free up natural gas for transportation
Let's be real about the limitations and costs of wind power:
Experience demonstrates the unreliability of wind and the miserably low
operating capacity of wind-power facilities here and around the world.
Depending on wind requires supplemental fossil-fuel plants as backup to
be turned on and off to compensate for wind-power-supply shortfalls -
nullifying any reductions in carbon-dioxide emissions.
Naturally, the Pickens Big Wind plan is proudly endorsed by
Pelosi's friends at the Sierra Club. Through another company, Mesa
Power, Pickens has committed upward of $12 billion in wind farms on the
Texas panhandle. CLNE and Mesa Power are separate entities, but what
benefits one piece of the Pickens puzzle benefits them all. The wind
venture, as Pickens himself admits, depends on permanent federal
Pickens is banking on 'em. And Pelosi is banking on him. She bought
between $50,000 and $100,000 worth of stock in Pickens' CLNE Corp. in
May 2007 on the day of the initial public offering:
"She, and other investors, stand to gain a substantial return on
their investment if gasoline prices stay high, and municipal, state and
even the federal governments start using natural gas as their primary
fuel source," reported dontgomovement.com.
CLNE also happens to be the sponsor of Proposition 10, a ballot
initiative in Pelosi's home state of California to dole out $10 billion
in state and federal funds for renewable-energy incentives - namely,
natural gas and wind.
Follow the money. Or, to put it in economist's terms, as energy
analyst Kenneth Medlock III did in The Dallas Morning News about the
Pickens multibillion-dollar wind-farm investment: "A lot of what he's
trying to do is add value to a stranded asset . . . he's obviously got
millions of dollars on the line."
And so, potentially, does Pelosi - all the while wagging her finger at the financial motivation of others.