Obama’s Following Through With Promise to Bankrupt Energy Companies
Here’s one set of energy companies: Peabody, Arch Coal, Patriot Coal, Alpha Natural Resources, James River Coal and Walter Energy.
Here’s another: Solyndra, Abound Solar, Fisker Automotive, Beacon Power, Vehicle Production Group.
Both sets companies have two common elements. They’ve all filed for bankruptcies and the federal government had a role in their demise. The economic pain from this will spread to all Americans—both as taxpayers and as energy consumers.
Peabody, the world’s largest private coal company, announced it was filing for chapter 11 bankruptcy protection. Peabody joins a litany of other coal companies that have fallen on difficult times. A number of factors created the economic turmoil the industry is facing. Market demand for metallurgical coal, which is primarily used to make steel, dropped considerably. Cheap and abundant natural gas supplied from the shale boom in the United States resulted in fuel switching.
Here’s one set of energy companies: Peabody, Arch Coal, Patriot Coal, Alpha Natural Resources, James River Coal and Walter Energy.
Here’s another: Solyndra, Abound Solar, Fisker Automotive, Beacon Power, Vehicle Production Group.
Both sets companies have two common elements. They’ve all filed for bankruptcies and the federal government had a role in their demise. The economic pain from this will spread to all Americans—both as taxpayers and as energy consumers.
Peabody, the world’s largest private coal company, announced it was filing for chapter 11 bankruptcy protection. Peabody joins a litany of other coal companies that have fallen on difficult times. A number of factors created the economic turmoil the industry is facing. Market demand for metallurgical coal, which is primarily used to make steel, dropped considerably. Cheap and abundant natural gas supplied from the shale boom in the United States resulted in fuel switching.