This is from Investors Business Daily.
Another coal giant in America, Peabody Energy Corp., declared bankruptcy this week. This bankruptcy filing follows similar actions by Arch Coal Inc., Alpha Natural Resources Inc., and other coal producers that have filed for Ch. 11 protection from creditors.
The ideologues in the White House must be uncorking the champagne. They wanted this to happen. It was the intended result of lawsuits and burdensome regulations by the Obama-era Environmental Protection Agency, which declared war on coal from the day Obama entered office. This was a key component of the anti-carbon agenda of the climate change fanaticism that pervades this White House.
Ideas have consequences. Obama has succeeded in decimating whole towns across America — from Wyoming to Virginia to Pennsylvania — dependent on coal. An estimated 31,000 coal miners, truckers, engineers, construction workers and others have lost their jobs since 2009 as a result of this global warming jihad. Another 5,000 or so could be given pink slips at Peabody. To the left, these lives ruined is acceptable collateral damage for their utopian dream of saving the planet.
The victims here aren’t rich fat cats. They are middle class workers whose lives have been turned upside down by the Big Green Machine.
Investors have gotten crushed too as a result of coal’s demise. The coal industry has lost more than $30 billion in stock value since 2009 — with many of these losses in pension funds and 401(k) plans.
What is maddening about these developments is that coal is much, much cleaner than ever before. EPA statistics show that emissions of sulfur, lead, carbon monoxide, and smog from coal plants have been reduced by more than 50% in the last 40 years. Clean coal is a reality — but that never slowed the greens down. The Natural Resources Defense Council now wants the EPA to slap $700 million in environmental fines on Peabody. These people just never stop.
America is the Saudi Arabia of coal. We have an estimated 500 years supply of that energy source. Our coal is cleaner and our environmental laws are much stricter than in other nations. So for economic and ecological reasons, we should want American coal to dominate the world market.
The demise of coal could lead to major disruptions in America’s electric power supply. Before Obama entered office in 2009, America got half its electric power from coal. Coal still supplies more than one-third of our electricity, because it is cheap and highly reliable, but that percentage continues to shrink.
Higher energy prices is no problem for Democrats:
They are pretty bold about wanting to bankrupt the coal industry, and push us all onto more expensive forms of energy like wind and solar:
Do you need to be paying more for electricity? Could you find something else to spend it on? How much is there left over for charity if you have to pay more for electricity?
And do you know who else pays for higher electricity prices? Your employer. Attacking cheap, clean energy puts more economic stress on the person who employs you. Think about that.