Governeconomics wrote:
[quote]Precious Roy wrote:
This sort of solar project has been executed successfully in California and
You can't compare dollar amounts, as the oil business is a large multiple larger. A $100m whimsy with good reward/risk is nothing for them. Basically, when oil screws up, everyone turns the screws on them with massive civil penalties, while when solar screws up, the taxpayer rather than the stock/bondholder foots the bill (Solyndra)
Oil gets massive civil penalties because they cause immeasurable harm to the environment whenever they have a spill. When a solar project fails, no one dies. No waterways are contaminated. You just have a bunch of excess materials that can be auctioned off and reused later down the road.
Taxpayers subsidize the oil and gas industry to the tune of $4 billion a year. The oil and gas industry also gets a free ride on the environmental damage it causes because our tort system and government regulations do not do anything to reverse the externalities of fossil fuels.
$100 mil in the oil industry is a lot of money. My example was just one of many in deep water drilling. There has been a massive exodus from deep water drilling in the O&G sector. The total losses in deep water drilling are well into the 100s of billions as the big producers sold off their deep water projects at pennies on the dollar. So, oil and gas can foul an entire ocean and blow billions on highly speculative deep water projects, but they are just fine. One solar company mismanages one project and all of the solar energy industry is a bust?