As gas prices hit $3.79 (and $4.20 in California), Energy Secretary Steven Chu admits he doesn’t own a car. Seems he doesn’t own any lights either, since he just gave a $10 million “affordability prize” for a $50 bulb.
Investor’s Business Daily editorializes:
Chu says the prize — awarded to Philips for its new LED bulb — was meant to spur development of advanced, superefficient light bulbs that are “affordable for American families.”
But at $50 a pop, even the one-percenters will find it hard to afford lighting their mansions.
And maybe Chu hasn’t shopped at Home Depot lately, but there’s already a bulb on the market that’s highly affordable. It’s the thing Thomas Edison invented a while back, and it costs just 37 cents…
Tell us again why we need a Department of Energy?