The ironies here are richer than the shale deposits in North Dakota's Bakken formation. While Washington has tried to force-feed renewable energy with tens of billions in special subsidies, oil and gas production has boomed thanks to private investment. And while renewable technology breakthroughs never seem to arrive, horizontal drilling and hydraulic fracturing have revolutionized oil and gas extraction—with no Energy Department loan guarantees needed.
Saturday, November 26, 2011
Private investors beat government investors again
Thanks to private investment in oil and gas production, some parts of the U.S. economy are booming. Areas that have recieved government green-energy investment, not so much.