Promise Kept: Barack Obama Breaks the Coal Industry
President Obama’s war on coal has bagged its biggest trophy to date: the bankruptcy filing by the largest U.S. coal company, Peabody Energy.
Make no mistake about it, though, Peabody’s management and that of the rest of coal industry bears much of the blame for its own demise. It ought to serve as a lesson for everyone else targeted by take-no-prisoners progressives.
Peabody’s bankruptcy filing follows that of other major coal companies including, Alpha Natural Resources, Arch Coal, and Patriot Coal. The irony is that coal is actually the world’s fastest growing source of energy, according to the International Energy Agency. So what happened?
Even before Obama vowed to “bankrupt” the coal industry in a 2008 interview with the editorial board of the San Francisco Chronicle, the coal industry had already allowed the seeds of its destruction to take root. It had failed to believe global warming hysteria was an existential threat. The industry thought the demand for cheap and reliable electricity combined with the power of politicians representing coal states would suffice as a defense against attack. But contrary to the myths propagated by global warming activists, the coal industry was never a serious funder of climate skeptics.
This strategy was completely upended when decidedly anti-coal Obama became president and Republicans lost control of Congress. Not only did an unprecedented coal industry-hating “progressive” government come to power, but also an up-and-coming new technology for producing natural gas was coming into its own. Hydraulic fracturing and horizontal drilling, commonly referred to as “fracking,” began to change the U.S. energy market. (Read more from “Promise Kept: Barack Obama Breaks the Coal Industry” HERE)
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