Obama’s New Budget Does Stricken Oil And Gas Industries No Favors

Wednesday, February 4, 2015
By Paul Martin

By Colin Chilcoat
OilPrice.com
Tue, 03 February 2015

President Barack Obama’s 2016 budget proposal is out; enjoy it while it lasts. The budget proposal features a significant boost in federal spending for green-energy technologies and carbon-critical policies – all initiatives likely to be met with staunch GOP opposition on Capitol Hill.

First on the agenda is the tax code. Specifically, the Obama administration seeks to permanently extend the solar Investment Tax Credit (ITC) as well as reinstate the recently expired renewable electricity Production Tax Credit (PTC). The credits constitute a $31.5 billion budget hit over the next decade – a cost theoretically mitigated by rapid jobs growth and realistically worth it.

Since the ITC’s inception annual solar installation has grown by over 1,600 percent. Solar jobs are created at a rate nearly 20 times higher than employment growth in the general economy. By 2017, solar power is expected to be as cheap as, or cheaper than, electricity from the grid in approximately 80 percent of global markets – that is, if the solar panel industry can keep up with demand.

The Rest…HERE

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