With America's anger seething at the $770 Billion dollar bailout of Wall Street, NEI is releasing a report wherein they assure American's they are getting very little taxpayer supported bailouts of thier industry. Simply stated, the report is all smoke and mirrors, crafted to HIDE THE HUGE amounts of money (into the trillions) that Americans are being asked to pay for, have paid for to save the nuclear industry.
As one example, hundreds of millions of dollars are being funnelled through the DOE to colleges willing to train new nuclear industry employees. Simply stated, we Americans are being forced to pay for the training costs of Nuclear Industry Employees. Secondly, the study fails to include the money so far spent on GNEP (Global Nuclear Energy Program), fails to mention the $1.5 Trillion in funding needed to deploy this UNTESTED technology that will not work.
Let's talk about the Price Anderson Act that precludes EVERY AMERICAN from getting insurance to cover lossed from a nuclear incident at any one of the 104 aging nuclear reactors in America. Let's talk about the billions dumped into trying to find and site a long term disposal facility in America...THINK YUCCA MOUNTAIN.
The nuclear industry wants to build 200 new Nuclear Reactors in America by the year 2050...first, it cannot be done. Secondly, the nuclear industry wants a ONE PERCENT LOAN GUARANTEE, stating that Wall Street will not invest in the industry without these loan guarantees. The average new reactor is expected to cost $10 Billion dollars! (Note-history shows us there is going to be at least a 70 percent cost over run on these costs, so real cost is closer to $17 Billion). Do the math, and the Nuclear Industry wants to put Americans on the hook in the form of LOAN GUARANTEES to the tune of $3.4 TRILLION DOLLARS, or almost five times the amount of the current Wall Street Bailout now under discussion in Washington, DC.
As Americans tired of funding corporate profits, it is time we demand the end to Nuclear Industry Bailouts, time to tell our elected officials that the days of subsidizing nuclear industry profits MUST COME TO AN END. At 50 years old, it is time for the nuclear industry to pay its own way, or GO OUT OF BUSINESS.
Virginia Office • 2716 Colt Run Road • Oakton, VA 22124 • (703) 620-4120As one example, hundreds of millions of dollars are being funnelled through the DOE to colleges willing to train new nuclear industry employees. Simply stated, we Americans are being forced to pay for the training costs of Nuclear Industry Employees. Secondly, the study fails to include the money so far spent on GNEP (Global Nuclear Energy Program), fails to mention the $1.5 Trillion in funding needed to deploy this UNTESTED technology that will not work.
Let's talk about the Price Anderson Act that precludes EVERY AMERICAN from getting insurance to cover lossed from a nuclear incident at any one of the 104 aging nuclear reactors in America. Let's talk about the billions dumped into trying to find and site a long term disposal facility in America...THINK YUCCA MOUNTAIN.
The nuclear industry wants to build 200 new Nuclear Reactors in America by the year 2050...first, it cannot be done. Secondly, the nuclear industry wants a ONE PERCENT LOAN GUARANTEE, stating that Wall Street will not invest in the industry without these loan guarantees. The average new reactor is expected to cost $10 Billion dollars! (Note-history shows us there is going to be at least a 70 percent cost over run on these costs, so real cost is closer to $17 Billion). Do the math, and the Nuclear Industry wants to put Americans on the hook in the form of LOAN GUARANTEES to the tune of $3.4 TRILLION DOLLARS, or almost five times the amount of the current Wall Street Bailout now under discussion in Washington, DC.
As Americans tired of funding corporate profits, it is time we demand the end to Nuclear Industry Bailouts, time to tell our elected officials that the days of subsidizing nuclear industry profits MUST COME TO AN END. At 50 years old, it is time for the nuclear industry to pay its own way, or GO OUT OF BUSINESS.
Contact: Roger Bezdek, president, Management Information Services Inc.
(202) 889-1324
News Release
New Study Shows That Federal Energy Incentives Have Chiefly Benefited Oil, Natural Gas Industries
Renewables Incentives Outpace Nuclear Energy Since 1994
(Washington DC) Sept. 23, 2008 — The main beneficiaries of more than $700 billion of federal energy incentives over the past five decades have been the oil and natural gas industries, a new study reveals. The oil and natural gas industries together garnered 60 percent of federal incentives between 1950 and 2006, with 46 percent of the roughly $725 billion in federal support going to the oil sector, according to the report by the consulting firm Management Information Services Inc (MISI).
The report shows that the oil industry has benefited from $335 billion in combined incentives, with natural gas receiving $100 billion.
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