Green New Deal or Green New Scam?
by Jim Rickards | 16th August 2022

Green New Deal or Green New Scam? 

Texas Is Brimming With Oil And Natural Gas. Why Are They Having Blackouts?

The name “Texas” is practically synonymous with energy. The Texas oil boom started in 1901 with the Lucas gusher at Spindletop. Texas dominated U.S. oil production by the 1940s. The City of Houston boomed on the back of oil exploration, production and refining.

In more recent years, Texas oil production has been matched by its enormous output of natural gas. The technological revolution of fracking not only opened up new energy production fields, but allowed producers to return to old fields to extract oil that was not obtainable without the new technology.

Offshore oil and natural gas production in the Gulf of Mexico, much of which was off the coast of Texas, only added to the legend of Texas as one of the greatest sources of oil and natural gas in the world. So, it comes as a shock to many to read articles such as this, which report that Texas is suffering from electricity shortages and may have to introduce rolling blackouts across the state this summer. The reason is straightforward, if somewhat ridiculous.

The Green New Scam

Politicians in Texas have bought into the Green New Scam and have been requiring extensive investments in wind turbines and solar panels to generate electricity for the Texas power grid. The difficulty is that such sources of energy are intermittent and unreliable. Wind turbines don’t work when the wind doesn’t blow and solar panels don’t generate electricity at night or in bad weather. Both can contribute to the grid but neither can support the grid.


A modern electric grid requires a constant minimum baseload of power just to keep operating. That baseload can be provided by coal, oil, natural gas or nuclear power, but it cannot be provided by wind or solar. In fact, wind turbines froze during extreme cold experienced in Texas last winter and blackouts resulted. Some people froze to death in their homes. Now Texas is experiencing extreme heat with no wind and the turbines are failing to generate power for that reason.

It’s a testament to political stupidity that the state with the greatest energy reserves after Alaska cannot generate electricity because of dependence on unreliable wind and solar sources. The problems in Texas should be a warning to the rest of the U.S. and the world.

Unfortunately, as long as ignorant politicians and ideologically committed greeniacs are in charge, we should all expect similar results.

It’s time to fire any politician who does not recognize that oil and natural gas are not only efficient, they’re necessary.

Until that day, you may want to stock up on sweaters, blankets and candles if you want to avoid freezing in the dark.

Jim Rickards, Strategic Intelligence


Editorial Comment:

The Green New Scam Is The Next Global Pandemic

The Green New Scam can also be seen in action in the Netherlands, whose leader appears intent on destroying that nation’s reputation and – more importantly – its value to its citizens and the world as food producers, as well as Sri Lanka, whose leader has managed to destroy its economy and has caused poverty and looming starvation for its citizens.

These actions were taken to reduce pollution from modern farming methods (Netherlands) and drive a return to organic production (Sri Lanka). In the case of Texas, it was to reduce pollution from fossil fuels.

While the end goal is laudable, the methodology used was laughable. Or would be, if not for the impact on the respective nations’ citizens.

The Green New Scam is the next Global Pandemic and it’s coming to your shores. Quick: someone develop a vaccine.

Jim Rickards

About the Author

Jim Rickards is an American lawyer, economist, investment banker, speaker, media commentator, and author on matters of finance and precious metals. He is the author of Currency Wars: The Making of the Next Global Crisis and six other books.

This article is taken from his “Strategic Intelligence” newsletter. You can learn more about Jim and his newsletters at

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