I rarely listen to Bill O’Reilly. In the past the populist positions he’s taken on energy, blaming “Big Oil” manipulation for high gasoline prices, did little more than put his lack of knowledge of the subject on broad public display.

But the other day, I noticed that Bill is connecting the dots between Jeff Immelt, CEO of General Electric, and the Obama Administration. As Bill tells it, Immelt has become Obama’s Minister of Propaganda Truth. In exchange, Obama is running interference for Immelt, helping protect his job from shareholders irate over the company’s performance (from #1 to #11 in market cap, recently down 85% from 2007 highs).

Bill may be onto something.

I don’t know all the details of O’Reilly’s snit, but the gist of it is that Jeff Immelt is carrying the Obama Administration’s water big-time. Witness the grotesque peanut-gallery-from-Hell that is MSNBC. Witness David Gregory at NBC. Witness Immelt’s attempt to influence CNBC away from Obama-bashing market mavens and toward kinder, gentler, greener content.

But I didn’t hear Bill mention that GE also stands to gain in a big way from the New Green Economy.

How? Wind energy, for one. GE makes those wind turbines that look so cool. But they also invest in developing wind power as GE Wind, a subsidiary which GE ironically acquired from the bonepile of old Enron Corp. assets. Remember that investors in green energy projects will be receiving some fat tax credits.

There’s Energy Services:

The Power That Turns the World

More people around the world turn to us for advanced power systems and around-the-clock energy services than any other company. … With over 5,500 wind and 3,600 hydro turbines, the installed capacity of renewable energy exceeds 160,000 MW.

Then there’s solar energy. There’s the “Smart Grid”. Everywhere you turn, Obama’s pitching an energy policy proposal that’s right in Jeff Immelt’s wheelhouse.

Is it any wonder why GE *hearts* Obama?