Obama Not Candid About War on Coal
President Barack Obama insists there’s nothing to the war on coal. Why, the mining industry is doing well, he maintains.
Tell that to the nation’s largest coal producer, Peabody Energy Corp. This week the firm announced its third-quarter profit was down a whopping 84 percent from last year.
Peabody also revealed it plans to reduce costs by about $100 million a year, through steps including laying off miners. Company executives did not reveal how many jobs will be lost but obviously, the number will be significant.
Earlier this year, the third-largest coal company in the United States, Alpha
Natural Resources, revealed plans to lay off 1,200 miners.
As we have reported previously, domestic consumption of coal is declining. Electric companies’ plans to close scores of coal-fired power plants will reduce it even more – while increasing the cost of power to tens of millions of Americans in the long run.
This is hardly the rosy picture being painted by the president and his liberal supporters.
Obama insists his opponent for the presidency, Mitt Romney, isn’t telling the truth. That’s a strange claim, coming from someone with Obama’s record of dissembling in regard to coal.