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Obama Keeps Promise to Bankrupt Coal Industry as James River Coal Co Files for Protection

While President Obama lied about ObamaCare he did keep one promise: to bankrupt the coal industry.

James River Coal Company just filed for bankruptcy.

James River is the second coal company to seek bankruptcy protection. Patriot Coal went bankrupt in 2012.

Despite the administration’s claims otherwise, Obama is waging a war against the coal industry through the regulatory actions of the EPA. The regulations are raising the cost of using coal for utilities which is forcing the power providers to close coal-fired electricity generating units.

It’s estimated that over 300 coal-based power unites will be closing because of EPA regulations and the agency’s proposed greenhouse gas rule will prevent construction of new coal power facilities.

The lack of demand for coal will translate to increasing cost pressures on the coal mining industry resulting in bankruptcies.

In its statement the Richmond, VA based company said:

“The coal markets in the U.S. have changed dramatically during the past several years. Some of these changes are cyclical due to continued weakness in the real economy. Other of the changes are more permanent like changes in government environmental regulations, improved methods to produce natural gas, and switching between coal basins by domestic power utilities. We have made a number of large and significant changes to our mine operations and administrative overhead in response to the changes in the coal markets. Now we need to adjust our balance sheet and debt structure to align ourselves to the new industry.”

For the first time in history the Executive Branch is bankrupting an entire industry and the harm will be felt by both the coal industry and consumers as electricity prices skyrocket.

Obama’s eagerness to bankrupt an entire industry is another example of a federal government that has gone wild.

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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