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Peabody Energy, the largest coal company in the Western world, declared bankruptcy Wednesday. The announcement is a towering sign that coal power likely has reached a point of no return in a world seeking cleaner energy sources.
Nearly 200 countries committed last December in Paris to cut emissions of heat-trapping greenhouse gases. Burning coal for electricity emits twice the carbon dioxide of natural gas, and the resulting pollutants have been linked to thousands of premature deaths and asthma attacks annually in the United States alone. Plus, coal is now facing stiffer competition than ever from natural gas, wind, and solar. (Read more about why solar and wind are thriving.)
Market trends for coal “have turned markedly negative over recent months, contrary to many still optimistic forecasts,” says Tim Buckley of the Institute for Energy Economics and Financial Analysis, a research group that supports sustainable energy.
Peabody, based in St. Louis, joins other American coal companies that have recently declared bankruptcy, including Arch Coal and Alpha Natural Resources. Peabody produces roughly 170 million metric tons of coal a year—close to a fifth of the U.S. supply. (The world’s largest producer, Coal India, puts out about twice as much.)
Demand for its product is going down: The U.S. Energy Information Administration predicts natural gas will overtake coal as the leading fuel for the nation’s electricity in 2016. Last year, 80 percent of the power supply that was shut down came from coal.
Obama called it. When he was coronated, he promised to "bring the coal industry to its knees."
The irony here is that all those stupid union coal workers will continue to vote 'democrat.'
I remember Obama saying energy prices would necessarily skyrocket too
That one statement should have raised a HUGE red flag for every voter in the Nation
Obama was more than willing to put his twisted ideology before the needs and concerns of the poor and middle class.
How is Obama responsible? (Serious question.)
The Western World's Largest Coal Company Declares Bankruptcy
Pretty big news in the energy sector. The article also sites declining demand from China and India as reasons, along with increase in natural gas use. Although those countries have reduced use, they're still using a lot of coal and creating new plants, which the article admits. However, I guess the reduction in demand was still enough to tip the scales for this company. There's no doubt that the market for coal is growing smaller as time goes on. There's also an obvious preference for natural gas, and the issue of fracking and environmental impact is being hotly debated lately.
How can you not know about this?: Supreme Court's ruling comes too late for coal - POLITICO
Essentially, Obama had the EPA promulgate new regulations with no economic consideration whatsoever and it closed down more than a few coal plants. By the time SCOTUS ruled, it was too late, thousands of coal plant jobs were gone and many coal miner jobs as well.
On a personal note, my grandfather worked Peabody 10 in central Illinois. The age of AG and Coal are coming to a close in Illinois, Peabody was a big part of the coal side of that.
Obama called it. When he was coronated, he promised to "bring the coal industry to its knees."
The irony here is that all those stupid union coal workers will continue to vote 'democrat.'
How can you not know about this?: Supreme Court's ruling comes too late for coal - POLITICO
Essentially, Obama had the EPA promulgate new regulations with no economic consideration whatsoever and it closed down more than a few coal plants. By the time SCOTUS ruled, it was too late, thousands of coal plant jobs were gone and many coal miner jobs as well.
On a personal note, my grandfather worked Peabody 10 in central Illinois. The age of AG and Coal are coming to a close in Illinois, Peabody was a big part of the coal side of that.
The opinion written by Justice Antonin Scalia rapped EPA for not properly taking the costs of its regulation into effect early enough, and it raised questions on whether “ancillary,” or additional benefits not directly related to the rule, should be counted.
But Scalia’s majority opinion in Michigan v. EPA doesn’t address whether EPA has the authority to interpret a contradiction in the 1990 Clean Air Act amendments to launch a regulation that will alter how the country’s energy companies’ produce electricity.
How can you not know about this?: Supreme Court's ruling comes too late for coal - POLITICO
Essentially, Obama had the EPA promulgate new regulations with no economic consideration whatsoever and it closed down more than a few coal plants. By the time SCOTUS ruled, it was too late, thousands of coal plant jobs were gone and many coal miner jobs as well.
Obama called it. When he was coronated, he promised to "bring the coal industry to its knees."
The irony here is that all those stupid union coal workers will continue to vote 'democrat.'
why would democrats care? they're all living off working americans tax dollars, collecting welfare and rioting when they don't get their way. something has to give, fortunately we have the guns, so when it gives it should at-least be quick.
why would democrats care? they're all living off working americans tax dollars, collecting welfare and rioting when they don't get their way. something has to give, fortunately we have the guns, so when it gives it should at-least be quick.
So the Clean Air Act was passed in 1990 but it's Obama's fault?
I thought Obama was not President before January 2008.
From the link you posted:
Read more: Supreme Court's ruling comes too late for coal - POLITICO
Us liberals have guns also.
The Western World's Largest Coal Company Declares Bankruptcy
Pretty big news in the energy sector. The article also sites declining demand from China and India as reasons, along with increase in natural gas use. Although those countries have reduced use, they're still using a lot of coal and creating new plants, which the article admits. However, I guess the reduction in demand was still enough to tip the scales for this company. There's no doubt that the market for coal is growing smaller as time goes on. There's also an obvious preference for natural gas, and the issue of fracking and environmental impact is being hotly debated lately.
Obama changed the regulations of the Clean Air Act with through executive order. Those illegally imposed regulations are why the Coal companies are going out of business. So yeah, it is precisely Obama's fault.
I remember Obama saying energy prices would necessarily skyrocket too
That one statement should have raised a HUGE red flag for every voter in the Nation
Obama was more than willing to put his twisted ideology before the needs and concerns of the poor and middle class.
What specific regulations did the President change and when? How are those regulations responsible for Peabody going bankrupt?
All indications are that Peabody's bankruptcy is a result of bad business decisions coupled with the explosion of fracking.
Why Peabody Energy, the world's largest coal company, just went bankrupt - Vox
So please be specific. Arguing BS general talking points is ridiculous.
why would democrats care? they're all living off working americans tax dollars, collecting welfare and rioting when they don't get their way. something has to give, fortunately we have the guns, so when it gives it should at-least be quick.
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