The Department of Energy spends $29 billion per year on various schemes with a disastrous track record, often with bipartisan support. From regulations that destabilize markets, decrease domestic output and harm consumers, to subsidies that pick and choose winners and losers, this department is a perfect example of a white elephant – an expensive project of little to no useful purpose.
Solyndra is the best example of such waste. The solar panel company received a $535 million loan before filing for bankruptcy in 2011. The federal government will likely recover just $27 million from that loan.
The department can be abolished by relegating security and clean-up-related tasks to the EPA or the Department of Defense and by returning research functions to the private sector. In all, abolishing the Department of Energy would save taxpayers about $7 billion a year. To that end we’ve created a short video which makes these and other points, which you can watch below.