Biden admin dishes out almost $23 billion in last-minute loans for 'clean' energy projects
Outgoing lame-duck President Joe Biden and his administration seem to be doing everything they can to disrupt and obstruct the policy agenda of incoming President-elect Donald Trump and his administration.
That especially includes domestic energy production, and Biden's Energy Department just doled out nearly $23 billion in loans for new "green" energy projects just days before heading out the door, according to the Daily Caller.
That is a big deal because Trump has been quite clear that his second administration will strongly disfavor the costly and inefficient "clean" and "renewable" energy production pushed by Biden, such as solar panels and windmills, and instead will heavily promote and expand the use and production of cheaper and more reliable energy sources like oil and natural gas.
Last-minute loans announced
In a Thursday press release, the Energy Department's Loan Programs Office announced eight new "conditional commitments" under the department's Energy Infrastructure Reinvestment (EIR) program that will total approximately $22.92 billion in federal loans.
The loans will be used to fund projects across 12 states and impact nearly 15 million customers of the recipient energy companies.
Yet, while some of the projects appear necessary -- such as updating and modernizing the "grid" of storage facilities, electricity transmission lines, and leaky gas pipelines -- some of the projects are focused on constructing "clean" energy production from "wind, solar, and hydropower."
The Daily Caller noted that this last-minute disbursement of taxpayer funds comes despite strong objections from congressional Republicans as well as the Energy Department's own internal watchdogs, who urged the LPO to freeze its activities during the transition period in light of the incoming administration's different policy priorities and potential conflicts of interest.
Loans could be difficult to cancel or clawback
To be sure, given the late date of this move, the Daily Caller noted that it seemed highly unlikely that the announced loans would be finalized in the few remaining days for the Biden administration.
That said, undoing or even rolling back the loans could be easier said than done, since they were made as "conditional commitments" that are reportedly legally binding so long as the loan recipients meet certain specified benchmarks.
In other words, so long as the companies that received the loans hold up their end of any deals reached with the Biden administration, the Trump administration may have little or no recourse to halt those loans or claw back any funding that has already been distributed.
Trump's energy policies are vastly different from Biden's
Bloomberg reported last week that President-elect Trump, who has long expressed skepticism about premature reliance on expensive and inefficient "clean" and "green" energy production, made it clear that there'd be no new windmill projects under his leadership, at least as far as his authority as president goes.
Instead, as CNN reported this week, Trump has been equally clear about his "drill, baby, drill" domestic energy production policies that favor "dirty" but plentiful and reliable energy sources like coal, oil, and natural gas.
The goal of Trump's energy policies is two-fold, in that he not only intends to make the U.S. energy independent and dominate worldwide, but also to combat price inflation by way of the reduced costs of abundant domestic energy for businesses and consumers.
That goal is not impossible to achieve, though it may prove more difficult than initially anticipated given how the Biden administration has spent the past four years working toward opposite ends by heavily favoring clean and renewable energy production while hamstringing or outright shutting down so-called fossil fuel production.