Is General Electric Contradicting Itself?

EIN News says, "GE to Buy John Wood Unit for $2.8 Billion General Electric Co.'s oil and gas business has reached a deal to buy the well support division of John Wood Group PLC for around $2.8 billion, GE said in a statement. The deal, which must be approved by Wood Group's shareholders, is expected to close later in the year. It's another in a string of acquisitions for the oil and gas unit as it moves to expand in a growing market for drilling and transporting equipment. (msnbc.msn.com)".

President Obama and Ken Salazar of the Department of Interior want to change the face of American transportation. They want to dump millions of gasoline powered vehicles and replace them with electric vehicles. This will also require production of considerable electricity to power the new vehicles. However, President Obama and Ken Salazar are opposed to electricity production from coal-fired power plants. They have been promoting wind and solar energy sources.

General Electric presently manufactures various parts of wind turbines, which are used in developing this new energy source. Perhaps as an indication of their cooperation, General Electric last November announced that it would purchase 25,000 electric vehicles mostly from General Motors by 2015.

With the above announcement of General Electric's $2.8 billion purchase of an oil and gas unit, we start to wonder how serious General Electric is in believing that the country will actually go to electric vehicles. Perhaps their common sense has allowed them to reconsider their position since last November and recognize that going to electric powered vehicles is unnecessary pie-in-the-sky, especially since new drilling technology has predicted a considerable increase in US produced oil. The only thing that can stop the anticipated flow of US oil is the Department of Interior's withholding of drilling permits, which they have been strongly prone to do in order to force production of wind energy.