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Thursday, August 27, 2015

Obama Crushes the Coal Industry and Leaves Millions of Workers to Lose it All

Salon is a liberal rag of a website but every once in a while they get it right. Below is a brief excerpt of the chaos and mayhem Obama’s anti-coal policies has caused.

The destruction of the American blue collar worker = ‘fundamental transformation’ complete.

http://www.salon.com/2015/08/27/the_collapse_of_big_coal_why_appalachia_may_never_fully_recover_partner/


In the first half of this year, at least six domestic coal companies filed for bankruptcy. In February, West Virginia’s Covington Coal fell, followed by Xinergy and Grass Creek Coal in April, Patriot and Birmingham Coal & Coke in May, and A&M Coal in June. In August came the biggest announcement of all: the $10-billion coal giant Alpha Natural Resources had entered the bankruptcy sweepstakes, too.
Only four years earlier, Alpha had secured its position as one of the world’s largest coal outfits by purchasing the Appalachian company Massey Energy for $7 billion and expanding its operations to 60 mines, many in Appalachia. But its reign would prove short-lived. The price of coal has been plummeting as utility companies shift to significantly cheaper shale gas, extracted through the drilling process known as hydraulic fracturing, or fracking, to produce power. This April, for the first time since the U.S. Energy Information Administration began collecting data in 1973, gas surpassed coal as the nation’s number one producer of energy.

But someone has to profit as there are always winners and losers..

Obama drives down coal company stocks, and Soros buys them on the cheap

http://www.americanthinker.com/blog/2015/08/wow_obama_drives_down_coal_company_stocks_and_soros_buys_them_on_the_cheap.html

 I have always believed that global warming is a gigantic scam, driven by greed and lust for power. Now comes the shocking news, via Steve Milloy writing on Breitbart, that following President Obama’s use of CO2 emissions as a weapon to drive major coal companies near bankruptcy, the ultimate politically connected speculator George Soros is buying up stock in major coal producers on the cheap.


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