Back to the Future: Carter Wasted 19 Billion on Alternative Fuels
In 1980, President Carter signed legislation that established the Synthetic Fuels Corporation, a government entity intended to drive research into synthetic fuels and establish a synthetic fuels program that would lead to energy independence. The Corporation was budgeted $19 billion by Congress, to be spent over some years. The Synthetic Fuels Corporation is one of the government’s most intrusive efforts in the energy markets.
So how well did it work? Given that we still fill our tanks at the petrol pump and that almost no one under 25 has even heard of the Synthetic Fuels Corporation, the answer should be obvious: it was a colossal failure.
Why is all of this HOPE ‘n CHANGE relying on failed ideas of the past?
