The Texas oil industry is rejecting the 'Green New Deal,' which seeks to replace fossil fuels with renewable energy in the interest of 'equity' and fighting climate change as not a realistic proposal, and saying it would not accomplish the goals that the liberal Democrats who proposed it on Thursday think it would achieve, News Radio 1200 WOAI reports.
"It's pie in the sky, it sounds great, but if you actually take it apart and examine each piece, it is not so sustainable, and the costs of implementing it would be many trillions of dollars," Dean Foreman of the American Petroleum Institute told News Radio 1200 WOAI.
The proposal, which was not introduced as an actual bill for Congressional consideration, but rather as a proposal and a 'guideline,' seeks to achieve 'zero emissions' within ten years, and one of the ways it seeks to do that is to phase out oil and natural gas and replace them with fuels such as solar and wind power.
But Foreman says if you want to see where real progress has actually been made in fighting greenhouse gas emissions, you need to look not at renewables, but at natural gas.
"All of the reductions in U.S. carbon dioxide emissions over the last ten to fifteen years are due to natural gas supplanting coal in the power sector," he said.
And Foreman says the basic tenants of the 'green new deal' run exactly counter to the supporters' talk of 'equity' and 'fairness.' He says the growth of low cost, plentiful oil and natural gas, due largely to the fracking revolution in Texas, has led to greater equity and opportunity across the world.
"Frankly the fact that oil and gas are affordable and abundant and more competitive than ever, and you see the contributions they make, not just to our economy but globally, that's where it is a tremendous value proposition in terms of what we deliver to the U.S. economy and the jobs and wages that go with it, and to the global economy, helping bring prosperity to places which have never before seen it."