Posted on 05/03/2014 12:10:39 PM PDT by Kaslin
em>"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.
While Alstom has struggled for more than a decade, it does have serious product offerings, including mills capable of crushing anywhere from 15 to 200 tons of coal per hour: that generates serious heat to steam turbines. The company has 20% of the world's installed base, and this has been a great year in the coal power plant business, outside of America:
Moreover, it has been a very good year; coal is making money all over the world and GE wants in on the action. Alstom has 65,000 employees, but only 14% are in France, as 80% of its business is outside that nation, and 85% of its business is outside the United States.
In the meantime, according to the Heritage Foundation, the war on coal will have a staggering impact on the entire nation and every single household - especially lower income households.
From 2015 to 2023:
Forget all the pie-in-the-sky stuff about redistributing the wealth to the poor nations in return for them pledging not to use coal, the up and coming nations are not going to pause to genuflect toward the environmental idolatry of the White House.
The War on Coal is a lie, and it has always been a lie...
Today's Session
The jobs report headlines sent equity futures significantly higher this morning, but it all faded away as details emerged.
Positives:
> 288,000 net new jobs
> -287,000 long term unemployment
> 6.3% unemployment rate
> -0.3% U6 changes
Negatives
> 806,000 bolted from the job market - the participation rate is lowest since December 1978
> 3.5 million long-term unemployed
> 92,018,000 not in labor force
> 12.3 U6 number
The market is grappling with this number...and it should. I think it shows the resolve of the greatest economy ever, while at the same time it underscores the poor quality of the recovery.
This isn't a sell signal and I don't think it makes the Fed hike rates sooner, as average hourly earnings of $24.31 were unchanged from the prior month, and too many people are bolting the workforce.
NOT ALL COAL COMPANIES ARE TREATED EQUALLY:
3-28-11 HuffPost
All the President’s (Coal) Men: Bill Gates, Warren Buffett and Obama’s Wyoming Giveaway
What really happened in Wyoming last week?
Perhaps we should ask billionaire coal hauler Warren Buffett, the “Oracle of Omaha.”
Energy and climate analysts and Big Green organizations are still staggering around for an answer to the Obama administration’s blockbuster news in Wyoming’s coalfields last week to greenlight the mining of an estimated 750 million-2.4 billion tons of coal on public lands. According to environmental analysts, “when burned, the coal threatens to release more than 3.9 billion tons of heat-trapping carbon dioxide, equal to the annual emissions from 300 coal-fired power plants.”
As Secretary of Interior Ken Salazar scrambles to explain his wildly exaggerated claims of the coal lease sales from his announcement, the truth is that this mind-boggling announcement comes on the heels of EPA administrator’s proposed new rules to crack down on mercury emissions from coal-fired plants — that will, in effect, continue the move away from coal-fired energy.
It would be easy to point an accusing finger at Salazar, the former cowboy senator from neighboring coal-rich Colorado who accepted massive amounts of contributions from dirty energy companies, and whose Bureau of Land Management quietly gave the green light for another 430 million tons of coal at the Antelope strip mine in Wyoming last year (within hours of the EPA’s crackdown on mountaintop removal mining operations in central Appalachia).
http://www.huffingtonpost.com/jeff-biggers/all-the-presidents-coal-m_b_841400.html
Redistribution to begin in 3... 2...
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... 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... 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.
It looks like there is a war on Appalachian coal not Western coal.
The reason, the federal government gets little revenue from Appy’ coal because it it mined on private land., but Western coal is mostly owned
by the feds. Billions in severance are received. That is called killing your competition. Our federal government is a crack whore - anything for the
next fix (money).
Interior would like a bigger firefighting budget because — you guessed it — climate change
GOP lawmaker suggests trading wage hike for Keystone pipeline
Keystone XL: State Dept. stalling because of complaints from overseas?
Global Warming on Free Republic
Did you see this? Kids having emotional problems caused by ‘global warming’ hysteria - lies and scare stories from ‘teachers’...
Youth anxiety on the rise amid changing climate ...
Ping.
bkmk
Obama doesn’t have a war on coal. He has a war on Americans using coal. The Obama Administration is perfectly content with shipping that coal to China to be used in power plants with no pollution controls at all.
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