Thread: Obama’s Plan to Bankrupt the Coal Industry

EPA Official on How To Deal With Non-Compliant Companies


Obama drives down coal company stocks, and Soros buys them on the cheap

Written by Thomas Lifson - August 18, 2015

I have always believed that global warming is a gigantic scam, driven by greed and lust for power. Now comes the shocking news, via Steve Milloy writing on Breitbart, that following President Obama’s use of CO2 emissions as a weapon to drive major coal companies near bankruptcy, the ultimate politically connected speculator George Soros is buying up stock in major coal producers on the cheap.

I predicted 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.

U.S. Securities and Exchange Act filings indicate that Soros has purchased an initial 1 million shares of Peabody Energy and 553,200 shares of Arch Coal, the two largest publicly traded U.S. coal companies. As pointed out last week, both companies have been driven perilously close to bankruptcy by the combination of President Obama’s “war on coal” and inexpensive natural gas brought on by the hydro fracturing revolution.

Under the hypothesis that not even socialists would leave trillions of dollars worth of a perfectly safe and clean energy source in the ground for the sake of the imaginary “climate crisis,” I posited that once the existing coal industry ownership was wiped out by President Obama’s regulatory onslaught, a new politically correct ownership would rehabilitate the fuel by contributing to Democrats.

Enter George Soros, a hardball investor and philanthropist to myriad left-wing causes, including the activist and “clean energy” rent-seeking movements that have helped take down the coal industry. In 2009, for example, Soros announced he would spend $1 billion in “clean energy” technology and create a San Francisco-based advocacy organization called the Climate Policy Initiative.

Less than a year ago the Soros’ Climate Policy Initiative issued a major report concluding that the world could save $1.8 trillion over the next two decades by transitioning away from coal. The report referred to coal reserves as “stranded assets” that were losing value as they were no longer needed.

For now, Soros’s investments are small scale (by his standards), but the reports end with June, so there is no knowing what subsequent investments have been made. These companies own huge reserves of coal that would be worth far more if the jihad against coal ended. If, for instance, the EPA backs away from its latest rules on CO2 emissions.

Billionaire George Soros gave advice and direction on how President Obama should allocate so-called “stimulus” money in a series of regular private meetings and consultations with White House senior advisers even as Soros was making investments in areas affected by the stimulus program.

George Soros met with President Obama’s top economist on February 25, 2009 and twice more with senior officials in the Old Executive Office Building on March 24th and 25th as the stimulus plan was being crafted. Later, Mr. Soros also participated in discussions on financial reform.

Then, in the first quarter of 2009, Mr. Soros went on a stock buying spree in companies that ultimately benefited from the federal stimulus. Here are some examples:

Soros doubled his holdings in medical manufacturer Hologic, a company that benefited from stimulus spending on medical systems.

Soros tripled his holdings in fiber channel and software maker Emulus, a company that wound up scoring a large amount of federal funds going to infrastructure spending.

Soros bought 210,000 shares in Cisco Systems, which came up big in the stimulus lottery.

Soros also bought Extreme Networks, which, months later, said it was expanding broadband to rural America “as part of President Obama’s broadband strategy”.

Soros bought 1.5 million shares in American Electric Power, a company Mr. Obama gave $1 billion to in June 2009.

Soros bought shares in utility company Ameren, which bagged a $540 million Department of Energy loan.

Soros bought 250,000 shares of Public Service Enterprise Group, 500,000 shares of NRG Energy, and almost a million shares of Entergy—all companies that came up winners in the Department of Energy taxpayer giveaway that produced the Solyndra debacle.

Soros bought into BioFuel Energy, a company that benefitted when the EPA announced a regulation on ethanol.

Soros bought Powerspan in April 2009. Just weeks later, the clean-energy company landed $100 million from the Department of Energy.

In the second quarter of 2009, Soros bought education technology giant Blackboard, which became a big recipient of education stimulus money.

Soros also bought Burlington Northern Santa Fe and CSX, both beneficiaries of Mr. Obama’s plans for revitalizing the railroads.

Soros bought Cognizant Technology Solutions, which scored stimulus funds in education and health care technology.

Soros also bought 300,000 shares of Constellation Energy Group and 4.6 million shares of Covanta, both of which landed taxpayers’ money through the stimulus, the former of which bagged $200 million.

http://christianpoliticalparty.com/w...-on-the-cheap/

CSX to reduce operations, workforce in Erwin, TN; impacting 300 jobs

Published: October 15, 2015, 9:17 am

ERWIN, TN (WJHL) – CSX announced Thursday morning it plans to reduce train operations at it Erwin, TN yard. Around 300 contract and management employee will be impacted.

The decision, according to a press release, was due to “significantly reduced coal traffic through the region.”

CSX plans to close a locomotive service center, a project and car shop and eliminating switching operations at the Northeast Tennessee yard.

“
Congressman Phil Roe said he was sad to hear the CSX announcement and put the blame on the commander in chief:

“I was saddened to hear that CSX would be closing their terminal in Erwin. My thoughts and prayers are with the good people of Erwin, especially the 300 men and women who will lose their jobs because of this decision. This is a huge blow to Unicoi County, whose unemployment rate has been consistently higher than the national average. This is just another example of how President Obama’s War on Coal is negatively affecting our region, and East Tennesseans deserve better. My office has reached out to state and local officials to look into job training programs and other resources that might be available. In the weeks and months ahead, I’ll continue to work to identify opportunities for these workers, and I encourage those affected to contact any of my offices if I can be of assistance to them or their families.”

Meanwhile, CSX employees will meet with a SMART Union chairman to discuss the shutting down of the terminal.

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Adren Crawford SMART,TN State Legislative Director told News Channel 11 Thursday afternoon:

This workforce reduction not only affects a small subset of workers – this affects all of us.These are good paying jobs that are leaving the local community. When jobs like these leave, the loss of work effects the local tax base, local businesses and eventually the resources dedicated to local schools and public services that all of us rely on in one way or another. This closing was caused by outside forces that were triggered by a reduction in coal production. We are here to represent our members and in turn the common good of the community we live in. We will pursue all avenues to ensure that this community and our members are treated fairly during this time.

Unicoi County had an unemployment rate of 7.7% in August of this year, while the state had and unemployment rate of 5.7%. The national jobless rate in August was 5.1%.

CSX released the following details in a press release Thursday morning.:

Operations in Erwin primarily served coal trains moving from the Central Appalachian coal fields, and the diminished traffic levels no longer support the activities performed there. The combination of low natural gas prices and regulatory action has significantly decreased CSX’s coal movements over the past four years, with more than $1 billion in coal revenue declines during that time.

Affected employees at Erwin will receive at least 60 days of pay and benefits. Contract employees also may have other benefits available in accordance with their labor agreements. Many furloughed employees will be eligible for jobs in higher-demand areas on CSX’s network. Affected management employees will be offered relocation opportunities as they are available, or will be eligible for severance benefits.

CSX remains committed to delivering strong service to customers in the region. Remaining coal traffic, as well as merchandise traffic including grain unit trains, will be rerouted efficiently across other parts of the CSX network.

Across Tennessee, CSX operates more than 1,500 miles of track, with facilities that include its division headquarters and a major yard in Nashville.

http://wjhl.com/2015/10/15/csx-to-re...ting-300-jobs/



BREAKING NEWS: CSX laying off 180 from Corbin facility
by DEAN MANNING October 20, 2015

CSX is laying off 180 people at its Corbin facility.

Corbin Mayor Willard McBurney said CSX officials contacted him Tuesday morning about the layoffs and closing of the locomotive shop, service center and car shop.

“The only things they will have down here is yard traffic,” McBurney said.

Rumors have abounded in recent days about possible layoffs at the facility and closing of some operations at the Corbin yard.

“They just walked in this morning and shut the doors,” said one source close to CSX.

The lost jobs represent about 50 percent of total employment at the Corbin facility.

All of the affected employees will receive at least 60 days of pay and benefits. Union employees also may have other benefits available in accordance with their respective labor agreements.

According to information from CSX, 100 jobs remain between train crews and yard workers will remain in Corbin in addition to a limited number of mechanical employees to support and manage yard traffic.

“Corbin continues to be an important part of the CX network for the movement of automobiles, consumer products and other freight,” CSX officials stated.

The layoffs and closings, which are similar to those that occurred at the CSX facility in Erwin, Tenn. earlier this month, are the result of the downturn in the coal industry.

The one difference, being the switching yard in Erwin was also eliminated.

“Central Appalachian coal moving through the (Corbin) terminal has decreased 57 percent in 10 years, due to low natural gas prices and regulation,” CSX officials stated, adding that the company has lost more than $1 billion in revenue since 2011 because of the limited amount of coal being moved.

However, McBurney, who has a view of the CSX yard from his office, noted he has seen more trains loaded with coal moving through the yard in recent months.

CSX officials added that transportation of other goods through Corbin has been cut in half since 2005.

The loss of freight has resulted in a decrease in the number of locomotives needed to support the operations.

“These trends are expected to continue,” CSX officials stated.

Whitley County Judge-executive said while there has been a lot of positive news on the economic front in Whitley County, the loss of these 180 jobs will have a significant impact on the local economy.

“Obviously, this is heartbreaking news,” White said. “Those are the types of jobs where you can raise a family and have some discretionary income that can have a positive impact on a community.”

White said the downturn in the coal industry is being felt all over eastern Kentucky. However, with the Tri-county area becoming more diverse, the impact is being lessened.

“You are starting to see all over eastern Kentucky the decline of coal’s impact on the economy and increase of tourist impact on the economic,” White said, citing Keeneland as an example.

“Keeneland will be a bit project for our region that will be in tune with that trend.”

http://www.thenewsjournal.net/detail...ility#comments

Supreme Court blocks Obama carbon emissions plan
Reuters - By Lawrence Hurley and Valerie Volcovici - 23 hrs ago

WASHINGTON, Feb 9 (Reuters) - The U.S. Supreme Court on Tuesday delivered a major blow to President Barack Obama by putting on hold federal regulations to curb carbon dioxide emissions mainly from coal-fired power plants, the centerpiece of his administration's strategy to combat climate change.

The court voted 5-4 along ideological lines to grant a request by 27 states and various companies and business groups to block the administration's Clean Power Plan, which also mandates a shift to renewable energy from coal-fired electricity.

The highly unusual move by the justices means the regulations will not be in effect while a court battle continues over their legality.

The plan was designed to lower carbon emissions from U.S. power plants by 2030 to 32 percent below 2005 levels. It is the main tool for the United States to meet the emissions reduction target it pledged at U.N. climate talks in Paris in December.

The Supreme Court's action casts doubt on the long-term future of the U.S. Environmental Protection Agency's rule because it increases the chances that the conservative-leaning Supreme Court would take the case after a lower court issues a decision on the legality of the regulations and ultimately would strike it down.

As recently as June, the high court ruled 5-4 against the Obama administration over its efforts to regulate mercury and other toxic air pollutants.

The states, led by coal producer West Virginia and oil producer Texas, and several major business groups in October launched the legal effort seeking to block the Obama administration's plan. The states said the emissions curbs would have a devastating impact on their economies.

West Virginia Attorney General Patrick Morrisey described the Supreme Court action on Tuesday as a "historic and unprecedented victory" over the EPA.

"We are thrilled that the Supreme Court realized the rule's immediate impact and froze its implementation, protecting workers and saving countless dollars as our fight against its legality continues," Morrisey added.

For Obama, executing his climate change strategy would be a key legacy accomplishment as he nears the end of his time in office in January 2017.

House of Representatives Democratic Leader Nancy Pelosi said, "The Supreme Court's deeply misguided decision to stay the implementation of the Clean Power Plan will enable those states that deny climate science to slow progress in reducing the carbon pollution that threatens the health of all Americans."

House Republican Leader Kevin McCarthy welcomed the Supreme Court's move, saying it "has now stopped this illegitimate abuse of power after 27 states revolted against the president's anti-energy agenda."

The court action also means that, with Obama leaving office in January 2017, the next president will have a say on whether to continue defending the regulation.

Before that, the U.S. Court of Appeals for the District of Columbia Circuit, which denied a similar stay request last month, will hear oral arguments in the case on June 2 and decide whether the regulations are lawful.

"This is certainly a surprise and it suggests the court has serious concerns" about the regulation, said Jonathan Adler, a professor at Case Western Reserve School of Law.

DIVIDED COURT

The brief order from the justices said that the regulations would be on hold until the legal challenge is completed. The court's five conservatives all voted to block the rule. The order noted that the four liberals would have denied the application.

Under the EPA rule, each state must submit a plan to comply with its emission-reduction target by September 2016 but can also request a two-year extension.

The challengers contended that the Obama administration exceeded its authority under the Clean Air Act, the key law that addresses air pollution. More than a dozen other states and the National League of Cities, which represents more than 19,000 U.S. cities, filed court papers backing the rule.

Jeff Holmstead, a lawyer for coal-powered utilities that challenged the rule, said the court has never before blocked an EPA rule. "To say it's unusual is a bit of an understatement," Holmstead added.

Sean Donahue, a lawyer for environmental groups that support the law, said the court action was "surprising and disappointing." He added that "we remain very confident in the legal and factual foundations for EPA's rule."

The White House and EPA did not immediately respond to requests for comment.

http://www.msn.com/en-us/news/us/sup...d=ansmsnnews11

Murray Energy Warns of Huge Layoffs

Biggest private coal producer in U.S. could cut as many as 4,400 jobs because of industry slump

By John W. Miller and Tim Puko - Updated July 1, 2016 8:32 p.m. ET

Murray Energy Corp., the largest privately held coal miner in the U.S., has warned that it may soon undertake one of the biggest layoffs in the sector during this time of low energy prices.

In a notice sent to workers this week, Murray said it could lay off as many as 4,400 employees, or about 80% of its workforce, because of weak coal markets. The company said it anticipates “massive workforce reductions in September.”

The law requires a 60-day waiting period before large layoffs occur.

The American coal industry, especially in Appalachia, has languished as cheap natural gas replaces coal as fuel for power plants. World-wide demand for coal has also slumped, and new environmental regulations are making many coal mines unprofitable to operate.

The Central Appalachian coal price benchmark is $40 a ton, or half its level from five years ago. Almost all of the biggest coal producers in the U.S. have declared bankruptcy in the past 18 months, including Peabody Energy Corp., Arch Coal Inc. and Alpha Natural Resources Inc.



Robert Murray, the controlling owner of Murray, is a fierce opponent of President Barack Obama and a supporter of Donald Trump. In a statement, the company said the potential layoffs were “due to the ongoing destruction of the United States coal industry by President Barack Obama, and his supporters, and the increased utilization of natural gas to generate electricity.”

The move came just a day after the United Mine Workers of America said it would reject a proposed new labor deal with Murray. The existing contract expires at the end of this year.

Phil Smith, a spokesman for the union, said the rejected deal is just a first step. “Hopefully the coal market will come to the point where [the layoffs are] not necessary,” he said. “It’s no secret the coal market is bad right now.”

The UMWA represents about 3,000 Murray workers, half of whom have already been laid off.

Murray has struggled financially this year and is renegotiating with its creditors after a debt-funded, $1.4 billion deal for Foresight Energy LP soured. At the time of the deal in March 2015, Foresight traded at roughly $16 a share. A small number of shares that still trade publicly settled at $1.62 a share Friday.

Mr. Murray, at a Tuesday fundraiser for Mr. Trump in Wheeling, W.Va., said the company was down to 5,356 employees from 8,400 a year ago. Most of those workers are based in West Virginia, Illinois and Ohio, where the company has its headquarters in St. Clairsville.

“Frankly, I am frightened for you, my employees, and the survival of your jobs and family livelihoods,” Mr. Murray told the crowd while introducing Mr. Trump, according to a copy of his prepared remarks. He added that electing “friends of coal” like Mr. Trump were the only hope the industry has.

The ailing U.S. coal sector, focused in Wyoming, Illinois and the Appalachian region, has lost more than 30,000 jobs since 2009, according to the Mine Safety and Health Administration.

http://www.wsj.com/articles/biggest-...ffs-1467412144

Obamas and Liberal economic plan, Punish the working class, destroy their livelihoods/jobs, steal their wealth, and funnel it to Liberal Cities, where the liberal elite feast and gorge themselves at the expense of rest of America.

And when the working class protest, they just tell them they're racist and laugh, and laugh.

Its like the movie Hunger Games and the Capitol City

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Obama's Socialist energy policies destroys peoples lives and jobs.
Meanwhile in the real world: https://wattsupwiththat.com/2014/01/...-record-level/

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