Charles Payne

"Probably for the next decade, the most dominate technology around the world will be coal..."
-Jeff Immelt

The fastest growing source of energy in the world last year was coal, and it is going to stay that way for a very long time. With that in mind, one has to wonder why President Obama has insisted on the gut-wrenching destruction of the coal industry that has costs thousands of jobs, and has sent electricity costs to all-time highs. This, combined with last month's report from the International Energy Agency, state that reaching the goal of carbon emission reduction would cost $45 trillion; which means that any notion of a global deal to stop using coal would be folly.

The fact of the matter is that President Obama's Jobs Czar just crushed his domestic opposition to fossil fuels in general, but coal in particular.

General Electric (GE) is purchasing Alstom of France for $13.5 billion, so that they can be more competitive in the rapid growth of coal-fired power plants around the world.

America continues to heap more and more regulations on the coal industry, including demands for a so-called carbon capture system. This is a regulatory version of Bigfoot, since such a scheme only exists on paper, while the rest of the world is building their economies with the cheapest source of energy out there.

Ironically, real environmentalists have voiced concerns about the inherent risk of burying Co2 in the earth.

A Very Good Year

But now the days are short, I'm in the autumn of my years
And I think of my life as vintage wine
From fine old kegs
From the brim to the dregs
It poured sweet and clear
It was a very good year

'A Very Good Year'
-Frank Sinatra

It's no mystery that China and India will not sign deals to reduce their use of coal, and make no mistake, outside of the most jaded and aging developed nations the rest of the world is lining up to power with coal, and to take their shot at the good life.

Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.

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