Analysis: Shale oil storm blows U.S. tanker trade out of doldrums

So we should use this energy to help us with our more important renewable energy projects. Make it work for us not just the oil companies and share holders.

So basically you want the oil companies to give you their product so you can take it for free to make an already expensive renewable energy product even more expensive. If that makes sense then we should also take beer from Budweiser, cars and trucks from GM, Ford and Dodge and while we are at it we probably should take the feminine products away from Tampax as well and do we really need food? Get the beef, pork, corn, soybeans etc from all those greedy mom and pop farmers. 401k and savings! Yea baby now there is the way to come up with some really fast cash to help feed the renewable energy gluttons. Oh wait a minute; didn’t they already try this in the former Soviet Union?

Cape Wind project in Nantucket Sound. The project will cost $2.6 BILLON, and it has secured funding for $2 BILLON of that from a Japanese bank. But this is believed to be subject to the project gaining a loan guarantee from the U.S. Department of Energy. The contracted cost of the wind farm’s energy will be 23 cents a kilowatt hour (excluding tax credits, which are unlikely to last the length of the project), which is more than 50% higher than current average electricity prices in Massachusetts. The Bay State is already the 4th most expensive state for electricity in the nation. Even if the tax credits are preserved, $940 million of the $1.6 billion contract represents costs above projections for the likely market price of conventional power. Moreover, these costs are just the initial costs they are scheduled to rise by 3.5 percent annually for 15 years. This project is rated at 468 MW and will produce 143 MW after applying a Capacity Factor of 30.4 % the time the wind actually blows. A Combined Cycle Natural Gas plant studied by the DOE completed in 2010 is rated at 570 MW and produces 470 MW capacity factor 85%. Cost $311 MILLION. At the very least this an inefficient deployment of capital, in my opinion.