Op/Ed: The solar company Solyndra was supposed to be the poster child of President Obama’s energy plan.
He visited their headquarters, mentioned them in the State of the Union, and gave them a $535 million federal loan – despite red flags being raised over their financial instability. And then they went bankrupt.
Although Solyndra is the highest profile example of President Obama throwing taxpayer dollars at failing energy companies, sadly, it’s not the only one. The latest example is a company called Solar Trust of America, which filed for bankruptcy this week.
After the Solyndra debacle, one would think the Obama administration would stop trying to pick winners and losers with taxpayer money. But just like Solyndra, Solar Trust was set to receive a federal loan guarantee to the tune of $2.1 billion.
As President Obama props up money-losing energy companies like Solyndra and Solar Trust, he continues to ignore common sense steps he could take today to lower the price of gasoline.
With the stroke of his pen, President Obama could today begin the process of bringing online 2.4 million new barrels of oil per day simply by authorizing the construction of the Keystone Pipeline, re-opening the Gulf of Mexico, and permitting exploration and production in the Chukchi Sea and National Petroleum Reserve of Alaska.
These three steps are a key part of my $2.50 gasoline plan that would lead to American energy independence and ensure that no president would ever again bow to a Saudi King.