Romney Campaign Press Release - Three Years Ago: President Obama's Half-Billion Dollar Mistake

"Three years ago, President Obama promised his clean energy projects would put Americans back to work. Instead, they've done exactly the opposite. After billions in wasted taxpayer dollars, it's clear the only promise this Administration was prepared to deliver on was increasing the price of energy." —Andrea Saul, Romney Spokesperson

Three Years Ago, The Obama Administration Announced A $535 Million Loan To Solyndra, Which It Claimed Would "Put Americans Back To Work":

Three Years Ago, President Obama's Energy Department Awarded A $535 Million Loan To Solyndra. "Energy Secretary Steven Chu today offered a $535 million loan guarantee for Solyndra, Inc. to support the company's construction of a commercial-scale manufacturing plant for its proprietary cylindrical solar photovoltaic panels. The company expects to create thousands of new jobs in the U.S. while deploying its solar panels across the U.S. and around the world." (U.S. Department Of Energy, "Obama Administration Offers $535 Million Loan Guarantee To Solyndra, Inc.," Press Release, 3/20/09)

Energy Secretary Steven Chu: "This Investment Is Part Of President Obama's Aggressive Strategy To Put Americans Back To Work." "'This investment is part of President Obama's aggressive strategy to put Americans back to work and reduce our dependence on foreign oil by developing clean, renewable sources of energy,' Secretary Chu said. 'We can create millions of new, good paying jobs that can't be outsourced. Instead of relying on imports from other countries to meet our energy needs, we'll rely on America's innovation, America's resources, and America's workers.'" (U.S. Department Of Energy, "Obama Administration Offers $535 Million Loan Guarantee To Solyndra, Inc.," Press Release, 3/20/09)

The Obama Administration's Press Release Estimated That More Than 4,000 Jobs Would Be Created From The Solyndra Loan. (U.S. Department Of Energy, "Obama Administration Offers $535 Million Loan Guarantee To Solyndra, Inc.," Press Release, 3/20/09)

After Three Years, Solyndra And Other Clean Energy Loans Have Struggled To Create Jobs And Drained The Federal Treasury For Little In Return:

Solyndra's Bankruptcy And 1,100 Layoffs Represented "A Blow To The Obama Administration's Efforts To Create Green Jobs." "In a blow to the Obama administration's efforts to create green jobs, solar-cell maker Solyndra announced Wednesday that it will close its remaining Fremont factory, lay off its 1,100 employees and file for bankruptcy.  The news marked an abrupt end for a company once considered among the most innovative in a fast-changing industry. The bankruptcy also represents a high-profile failure for a federal stimulus program that gives loan guarantees to green-tech manufacturers." (David R. Baker and Carolyn Said, "Solyndra Closes Fremont Plant - Stimulus Hopes Dim," San Francisco Chronicle, 9/1/11)

Of The First Twelve Obama Administration Loans To Clean Energy Companies, "Two Firms Filed For Bankruptcy, A Third Has Faced Layoffs And A Fourth Deal Never Closed." "The bonuses and bankruptcies come against a growing wave of trouble for companies financed with Energy Department dollars. Of the first 12 loan guarantees the department announced, for instance, two firms filed for bankruptcy, a third has faced layoffs and a fourth deal never closed."  (Ronnie Greene and Matthew Mosk, "Green Firms Get Fed Cash, Give Execs Bonuses, Fail," ABC News, 3/6/12)

The Wall Street Journal: "The Obama Administration Has Managed The Nearly Impossible Feat Of Turning Energy Policy Into A Money Loser, Pouring Taxpayer Dollars Into Green-Energy Busts Like Solyndra." (Editorial, "The Non-Green Jobs Boom," The Wall Street Journal, 11/26/11)

The Washington Post: "Obama Green-Tech Program That Backed Solyndra Struggles To Create Jobs" (Carol D. Leonnig and Steven Mufson, "Obama Green-Tech Program That Backed Solyndra Struggles To Create Jobs," The Washington Post, 9/14/11)

What Promise Has The Obama Administration Actually Delivered On? Increasing The Price Of Energy:

Since President Obama Took Office, Gas Prices Have More Than Doubled — From Approximately $1.85 Per Gallon To $3.87 Per Gallon. (U.S. Energy Information Administration, www.eia.gov, Accessed 3/20/12)

Gas Prices Have Hit "A Record For This Time Of Year." "U.S. gas prices have jumped 8.8 percent since the start of this year, according to the Energy Information Agency, topping an average of $3.65 a gallon in the week ended February 22. This was a record for this time of the year, when prices are usually on the low side because of slow seasonal demand." (Nivedita Bhattacharjee, "Analysis: Gas Prices Siphon Sales From Restaurants," Reuters, 2/29/12)

Candidate Obama, In 2008: "I Would Have Preferred A Gradual Adjustment [In Gas Prices]." HARWOOD: "As difficult as this is for consumers right now, is, in fact, high gas prices what we need to let the market work, a line incentive so that we do shift to alternative means of energy?" OBAMA: "Well, I think that we have been slow to move in a better direction when it comes to energy usage. And the president, frankly, hasn't had an energy policy. And as a consequence, we've been consuming energy as if it's infinite. We now know that our demand is badly outstripping supply with China and India growing as rapidly as they are. So..." HARWOOD: "So could these high prices help us?" OBAMA: "I think that I would have preferred a gradual adjustment." (CNBC's "Your Money, Your Vote," 6/10/08)

Candidate Obama Also Promised That Energy Rates Under His Cap-And-Trade Plan "Would Necessarily Skyrocket." OBAMA: "When I was asked earlier about the issue of coal, you know, under my plan of a cap and trade system, electricity rates would necessarily skyrocket. Even regardless of what I say about whether coal is good or bad. Because I'm capping greenhouse gases, coal power plants, you know, natural gas, you name it, whatever the plants were, whatever the industry was, uh, they would have to retrofit their operations. That will cost money. They will pass that money on to consumers." (Sen. Barack Obama, Interview With The San Francisco Chronicle Editorial Board, 1/17/08)

Steven Chu, In 2008: "Somehow We Have To Figure Out How To Boost The Price Of Gasoline To The Levels In Europe." "In a sign of one major internal difference, Mr. Chu has called for gradually ramping up gasoline taxes over 15 years to coax consumers into buying more-efficient cars and living in neighborhoods closer to work. 'Somehow we have to figure out how to boost the price of gasoline to the levels in Europe,' Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September." (Neil King Jr. and Stephen Power, "Times Tough For Energy Overhaul," The Wall Street Journal, 12/12/08)