Jim Cramer: Renewables Religion Is Dangerous
Editor's Note: This article was originally published at 7:37 a.m. EDT on Real Money on Sept. 17. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.
NEW YORK (Real Money) -- I am giving up on any hope that Washington will understand the carbon/fossil fuel renaissance in this country.
Yesterday we interviewed Sen. Max Baucus (D-Mt.), an energy and mineral-rich state. He was holding a conference on the economy, including a presentation involving the Bakken, which will soon be producing one million barrels a day, up from about 300,000 a couple of years ago. I thought, here we go, commonsense senator from a reasonable state where mining jobs had always been a mainstay of the economy. So, I asked a benign question about whether they would be discussing the positive prospects of all the newfound energy in this country and what it means for the U.S. economy given the Bakken segment of his conference.
The senator wasted no time getting right to the heart of the matter: the importance of renewable energy. I almost fell out of my chair. I figured this was the one senator that might actually admit that we are close to energy independence on the continent, provided we can get the oil and gas where it is needed, something that would create a huge number of jobs. Nope, it's all about renewables, all about subsidized power. It's all about the government helping an industry that can't solve the big issue, which is how to stop the importation of oil from countries that aren't friendly with the United States while hiring many more people in this country. I figured he would at least give me some love on natural gas, which is cleaner than so many other fuels, certainly dirty diesel, which is responsible for 25% of our imported fuel.Nah, renewables. I pressed. How about all of the jobs that could be created if we just had a program that could get the unemployed where the jobs were in the Bakken and the Eagle Ford and the other shales that are oil and gas rich, but people poor. Nope, he wanted to talk about training people. Darn it, the companies will train them. They are willing to pay well above the nation's average if they can just find a way to get the people to these godforsaken places. The government doesn't need to train a soul.
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