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Death in Appalachia: Obama Crushes the Coal Industry and Leaves Millions of Workers to Lose it All!

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Death in Appalachia: Obama Crushes the Coal Industry and Leaves Millions of Workers to Lose it All!

Post by Lobo on Fri 28 Aug 2015, 5:24 pm

Death in Appalachia: Obama Crushes the Coal Industry and Leaves Millions of Workers to Lose it All!
Submitted by IWB, on August 27th, 2015

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Salon is a liberal rag of a website but every once in a while they get it right. Below is a brief excerpt of the chaos and mayhem Obama’s anti-coal policies has caused.
Massive and unprecedented bankruptcies are not just a headline in a newspaper. There are millions of lives, families and children that depend on coal as there only viable source of a living wage in Eastern KY, Eastern TN and all of WV.
We have only begun to see the first inkling of the horror show that is to come as nearly all of Appalachia, already one of the poorest parts of the country, loses the majority of its jobs and soul. The only thing left for these hard working people is the government dole for many generations to come.
While Obama gleefully destroys the industrial infrastructure of this planet, China enjoys the legal authority to spew more coal residue in the air in one year than we do in a decade. I guess China and the US live on different planets.
The destruction of the American blue collar worker = ‘fundamental transformation’ complete.
from salon:
In the first half of this year, at least six domestic coal companies filed for bankruptcy. In February, West Virginia’s Covington Coal fell, followed by Xinergy and Grass Creek Coal in April, Patriot and Birmingham Coal & Coke in May, and A&M Coal in June. In August came the biggest announcement of all: the $10-billion coal giant Alpha Natural Resources had entered the bankruptcy sweepstakes, too.
Only four years earlier, Alpha had secured its position as one of the world’s largest coal outfits by purchasing the Appalachian company Massey Energy for $7 billion and expanding its operations to 60 mines, many in Appalachia. But its reign would prove short-lived. The price of coal has been plummeting as utility companies shift to significantly cheaper shale gas, extracted through the drilling process known as hydraulic fracturing, or fracking, to produce power. This April, for the first time since the U.S. Energy Information Administration began collecting data in 1973, gas surpassed coal as the nation’s number one producer of energy.
By late July, the New York Stock Exchange announced that it had suspended trading of Alpha Natural Resources’ stock because it was worth next to nothing.
In August, the inevitable occurred. Alpha submitted a bankruptcy filing which read in part: “The unprecedented changes facing the coal industry run deep and are occurring at a frenetic and unpredictable pace…The U.S. coal industry as currently structured is unsustainable.”
By now, the funeral was underway and the first obituaries were appearing. Headlines in various papers not only announced Alpha’s demise, but offered autopsies for the entire industry. As the New York Times put it in its headline three days after the filing: “King Coal, Long Besieged, Is Deposed by the Market.”
Causes of death: the explosion of cheap natural gas, the rising costs of new environmental and worker safety regulations, and a simple geological reality — the industry has already mined out the majority of all economically recoverable coal.
 
Obama drives down coal company stocks, and Soros buys them on the cheap
I predicted in this column last week that the left wasn’t going to kill off the coal industry so much as it was going to steal it. That prediction is already becoming true courtesy of billionaire George Soros.
VM

http://investmentwatchblog.com/death-in-appalachia-obama-crushes-the-coal-industry-and-leaves-millions-of-workers-to-lose-it-all/

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