What good is an energy policy that drains our financial resources and produces no results? The government first tried to convince us that ethanol was a solution to reduce foreign dependence on oil. The government received more in tax revenues by this Ponzi scheme: we paid the same price for 10% ethanol to get 10% less miles per gallon. It was also poorly reported that it took the same amount of energy to produce a gallon of ethanol as what it produced under normal combustion. Plus we had the benefit of the cost of our food increasing due to the price of corn reaching new records.
When green jobs Czar (Van Jones) resigned on September 6, 2009, it did not mark the end of the “green energy” revolution. The government was able to effectively cripple our domestic oil production after the Gulf oil spill and even intensify this effort to become more green. However, after all of the government subsidies and hope, no credible energy production has emerged. Today Evergreen Solar, the darling of the Obama administration, filed for bankruptcy. This is what Democracy looks like when government overthrows the free market.
Evergreen Solar Inc., the Marlboro clean-energy company that received millions in state subsidies to build an ill-fated Bay State factory, has filed for bankruptcy.
Evergreen, which closed its taxpayer-supported Devens factory in March and cut 800 jobs, has been trying to rework its debt for months. The company announced today it is seeking a reorganization in U.S. Bankruptcy Court in Delaware and also reached a deal with certain note holders to restructure its debt and sell off certain assets.
The company also said it will lay off another 65 jobs in the United States and Europe, mostly through the shutdown of its Midland, Mich., manufacturing facility. That would leave Evergreen with about 68 workers according to a headcount listed in the bankruptcy filing