Green energy growth is best left to the free market economy without government deciding among the competitors, US House of Representatives Majority Leader Eric Cantor said Friday.
"All of us would encourage more environmentally friendly efforts, but it is the markets who understand where capital can best be invested," said Representative Cantor, Republican-Virginia, during a brief press conference in Houston where he was joined by Texas congressmen Kevin Brady and Pete Olson.
The trio of Republican congressmen took a break from a day of meetings and fundraising in Houston to address their concerns about the economic policies of the rival Obama Administration, condemning what they charged is a focus on tax hikes and overzealous regulation.
While emphasizing the need for job creation and acknowledging the potential impact of green energy development, Cantor told Platts after the press conference he still opposes government subsidy of the opportunity.
Asked if the Obama administration's two-and-a-half-year energy-sector emphasis on creating green jobs has paid off, Cantor acknowledged that some jobs have been created in the renewable sector.
"But the point is these are jobs created by subsidies to the sector and are therefore not likely sustainable," he said.
The American Recovery and Reinvestment Act of 2009, otherwise known as the stimulus package, created two renewable energy subsidy programs that are now both winding down.
To date, the Obama Administration has committed or dispersed $28.5 billion in loan guarantees and cash grants for renewable energy projects since March 2009.
Besides addressing a question on the administration's green energy initiative, the trio emphasized the Republican Party's efforts to stimulate growth through tax reform and legislation designed to streamline regulatory processes.
"We are fought at almost every step by the White House," charged Brady, who represents a district north of Houston.
Olson added that the administration continues to move too slowly in approving drilling permits for the Gulf of Mexico in the wake of last year's Macondo crisis, and he urged approval on TransCanada's controversial Keystone XL pipeline extension.
TransCanada's proposed $7-billion pipeline would ship heavy crude from Canada's oil sands to refineries on the Texas Gulf Coast.
Because the pipeline crosses the international border, the US State Department must sign off on an environmental review and declare the 1,660-mile project in the national interest.
