are 70 percent higher than remitted by S&P Industrial companies on average. And contrary to what industry critics would have you believe, government subsidies enjoyed by renewable energies are a multiple of what oil and natural gas receive. And that balance is growing increasingly lopsided. For instance, the 2009 so-called economic stimulus package included direct grants for renewable energy totaling $16.8 billion -- but not a dime for oil and natural gas.
The Obama Administration and its allies have chosen their economic winners, using taxpayer-funded subsidies to prop up wind and solar industries, while making it increasingly difficult for oil and natural gas firms to explore for and develop the abundant natural resources found onshore and offshore in the United States.
With the oil and natural gas industry responsible for more than 9.2 million American jobs, national unemployment levels continuing to hover between 9 and 10 percent, and so-called green jobs being temporary (bubble) government employment, you'd think it would be in the national interest to stop browbeating the workhorse energies chosen by millions of consumers every day.
In fact, President Obama could learn a lot by looking at the example of North Dakota, which is enjoying a petroleum-based economic renaissance. It has the lowest unemployment rate in the nation, suffers a labor shortage, and is the only state in the nation without a budget shortfall for the past four years.
Energy is the master resource. It takes energy to produce everything - even other energy. If government controls energy - whether by tax or regulation - it controls everything. And, if energy prices are set by government, rather than market forces, the impact will be obvious not only in our energy bills, but in the price of every good or service we purchase. This kind of government intrusion into private decision-making and government dominion over private property rights is unconstitutional too.
They can call it cap-and-trade or a generation's Sputnik Moment, but it's the same job-killing energy substitution. We shouldn't be fooled by slick slogans that ultimately rest on government-knows-best.
Robert L. Bradley Jr. is the CEO & Founder of the Institute for Energy Research.