Say goodbye to the coal industry

The White House is ready to solve the global warming crisis. I know you're relieved to hear that. It was probably right at the top of a list of things that keep you awake at night. Unfortunately, if you work in the coal industry, you now have something else to worry about; your job. And if you live in an area where electrical power is generated by a coal-fired power plant, you best be prepared to worry how you're going to pay your electric bill. The Obama administration is readying a set of rules to govern carbon dioxide emission from existing power plants. There is likely to be a phase-in period but that's of precious little use when you consider the conversion costs. It's estimated that we will lose about 40 gigawatts  of electricity as about 10% of all coal fired plants in the US shut down. It's already impossible to build a new coal fired plant thanks to EPA rules governing emissions for new power plants. With new rules governing existing plants, the coal industry will...(Read Full Post)