John Ransom

Prepare for your electric rates to go up, Chevy Jolt drivers. That's what happens when Obama goes on vacation.

Under executive fiat, the EPA will shortly be forcing the shutdown of the rest of the coal fired plants in the United States. Obama closed about 20 percent of them in 2011 when he went on vacation in Martha's Vineyard. 

With a bigger vacation budget this year, he probably figured "What the hell? Why not close the rest of them?"

Since coal generates about half the electricity demanded in the US, the country will have to find other, more expensive ways of making up half of the electrical capacity at a time that the administration wants electric to be the clean fuel of choice.

Ironically, as I posted previously, just a few weeks ago I got a whiney email from the public relations guy at the Nuclear Regulatory Commission, complaining that the number of nuclear reactors going up to generate electric is lower than they anticipated.     

Maybe Obama doesn’t understand that he can’t import electricity from Brazil. No nuclear, no coal? OK, I get it. This is how Obama bails out his buddies in the solar business, including Buffet and G.E.

That solar costs more and isn't clean probably has some advantages for Obama.

In addition to the loss of electrical generating capacity, the Commerce Department estimated that when they killed just 20 percent of coal fired plants they killed up to 60,000 jobs, according to Heritage, while an industry trade group said that the rules will cost $129 billion, according to the Washington Post.

So that's...carry the two, divide by 5.... That's 60,000 direct jobs in power plants, another 82,000 jobs in mining, and 30,000 jobs in coal transport plus associated jobs.

According to the The American Coalition for Clean Coal Electricity the new initiatives will cost the country 760,000 jobs in total. 

“If the Obama administration fails to recognize the environmental progress the industry has made and continues to adopt more regulations," said ACCCE's head Mike Duncan, "coal power could cease to exist which would be devastating for our economy.”

Since when has Obama ever cared about the economy? Or jobs.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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