In a January 17, 2008, interview with the San Francisco Chronicle, then-Senator Obama said that “electricity rates would necessarily skyrocket” under his plan to fight global warming. He also said that under his plan, “if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them.”
His latter wish seems to becoming a reality. Bristol-based coal producer Alpha Natural filed for Chapter 11 bankruptcy protection earlier this month. It follows many other coal companies, such as Walter Energy Inc., Patriot Coal Corp., and James River Coal Co., in filing for bankruptcy.
For fossil fuels, this may be just the beginning. The Obama administration’s recently-issued Clean Power Plan is said to “accomplish little in the way of making any significant change in global emissions while simultaneously crippling the oil and gas industry and floating more ‘green energy’ plans which weren’t pulling their own weight.”
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