Yesterday, the final blow in the War on Coal was administered by President Obama via the EPA, which has become an unstoppable blunt weapon immune from intervention from both the legislative and the judicial branches of government. President Obama will brag about natural gas production under his administration. However, if President Bush deserved some credit for the death of Bin Laden, he deserves the overwhelming share of credit for creating the energy boom. That is the main reason why America is not currently in a Great Depression.
The economic toll on the country has already been devastating, but it is going to get worse, and the most ominous part of it is that it officially puts environmental theory, over the actual plight of human beings. In fact, the EPA will take actions, purportedly, to save Mother Earth that will cause Americans a lot of economic pain. Last week, the US Chamber of Commerce shocked the nation with a report that put actual figures to the next salvo set to destroy the coal industry, and to intimidate fossil fuel production in general.
The Cost through 2030:
* $51 billion each year
* 224,000 jobs each year
* $289 billion to consumers on electricity through 2030
* $586 billion lower total disposable income to US households through 2030
The Environmental result through 2030:
With global emissions climbing 31% from 2011 to 2030, the impact from today's announcement will be to reduce the level of carbon by a whopping 1.8 percentage points.
The American Coalition for Clean Coal Electricity Gas calculated that unleashing the EPA today, would cost the nation 3,000,000 jobs.
Watching the action in natural gas stocks late last week, I began to wonder if maybe an olive branch would be extended. After all, if the administration is going to take credit for the miracle of natural gas, it should loosen restrictions and open more public land for drilling, and take steps for the export of crude oil. Maybe there will be a realization that natural gas is the key if alternatives are ever going to work.
The German Experiment
"Deindustrialization in Germany"
Recent headline in major German newspaper