Posted on 09/01/2015 9:20:28 AM PDT by bananaman22
Perhaps the greatest nightmare for investors in a commodity stock is that the commodity in question goes the way of coal. After more than a century of dominance in the U.S. and abroad, coal appears to have entered into a structural decline. The EIA and others see coal export volumes declining, domestic U.S. demand remaining questionable, and intense competition from natural gas continuing.
A funny thing happened on the way to the graveyard for coal companies though – one of the industries greatest detractors, George Soros, appears to be stepping in as a supporter.
Soros, whose $24 billion fortune is built on successful trading, appears to have purchased several million dollars’ worth of stock in coal producers Peabody and Arch Coal according to filings reviewed by Britain’s The Guardian newspaper. Thermal coal has been hit hard by shifting utility company preferences for other power sources, while metallurgical has been hammered by the downturn in China which has hit demand for steel and other building materials. 2014 was a terrible year for coal producers, and 2015 has not shaped up much better.
(Excerpt) Read more at oilprice.com ...
Buying stuff at fire-sale prices, after trashing the economy.
Michael Bastasch
06/25/2013
President Obama laid out his new plan to tackle global warming Tuesday. In 2008, he made comments about “bankrupting” coal plant owners and making energy prices “skyrocket.”
“So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them, because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted,” Obama said during a meeting with the San Francisco Chronicle’s editorial board.
“Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket. Even regardless of what I say about whether coal is good or bad,” he added. “Because I’m capping greenhouse gases, coal power plants, you know, natural gas, you name it — whatever the plants were, whatever the industry was, they would have to, uh, retrofit their operations. That will cost money. They will pass that money on to consumers.” ...”
************************************************************
From Politico, April, 2012
“If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them,” Obama said, responding to a question about his cap-and-trade plan. He later added, “Under my plan … electricity rates would necessarily skyrocket.”
Of course, cap and trade is long dead. But coal-fired power plants are powering down nationwide, and they are blaming the Obama Environmental Protection Agency. The president’s critics say proposed greenhouse gas regulations for future power plants are designed to cripple the coal industry.
And just like with another 2008 quote — Energy Secretary Steven Chu’s famed call to “figure out how to boost the price of gasoline to the levels in Europe” — Republicans say the Chronicle clip shows what’s really in the president’s heart, that high electricity prices and the death of coal have always been Obama’s goal.
http://www.politico.com/news/stories/0412/74892.html#ixzz3jAzdi18H
Long-term? Isn’t that guy like about 100 years old already?
Long-term? Isn’t that guy like about 100 years old already?
Yep. I hope he chokes on the coal. That evil clown cannot fade away soon enough.
so expect another ice age and coal is king.
Video here:
Yes, while trying to keep others away so he can corner the market.
We need to denaturalize that Nazi collaborator and send him back to whatever corruptocracy he came from.
That is his gig.
Must be humanity’s fault. All of the that carbon that we are burning is traversing space and being sucked into the sun. Ya, I know, it should make the sun hotter so that should be a good thing. But you know, global warming is tricky and can make things cold and at the same as hot. Science is so complicated!
Well anyone is welcome to join his party.
Peabody is still about $2/ share.
His “detracting” was for the purpose of driving down the price to a level where he could buy it up and make a killing when, as he perhaps reckons, the USA will come off its de-growther binge. Soros will acquire more billions from this. Soros is making himself World Emperor through machinations and ties to many governments. He will succeed if he lives long enough, say 10 more years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.