Our chart of the day from Macro Strategy Partnership explains why Europe is a mess. Europe has gone so far green that they have “traded growth for ideology.”

Europe paid 166.3% more for its primary energy mix last year than had it used conventional energy sources. It paid 2.23 percentage points more of GDP – (5.6% rather 3.37%) – on primary energy than had its fuel mix not included renewables, which largely explains why European GDP growth has been minimal. As renewable electricity grows as a percentage of the mix, its high cost has reduced energy consumption. Since peaking in 2006, primary energy consumption across the European Union has fallen by a massive 17.47%. Renewable energy has risen to 16.6% of the primary energy mix, but in doing so, with renewable electricity price 5 times that of conventional electricity, it has reduced by a similar amount the overall energy the economy has been able to afford. Whilst GDP has held up, the economy has reshaped dramatically, with for example French and German industrial production down around 14% from their respective highs, and Italian down 25%

The good news: Trump will dismantle this green energy madness here in the USA. Drill baby drill!