Peabody Energy filed for Chapter 11 today, after posting a loss of $2B last year and seeing it’s shares nosedive, ending the day at $2.07. Arch Coal, the 2nd largest coal company in the U.S. filed for bankruptcy in January. The talking heads cited renewable energy of all things as a key component in the disappearance of profits as well as a weak Chinese market and sliding prices of natural gas. Little was made of draconian regulations pending, part of the Boy Wonder’s plan to “bankrupt the coal industry.” Peabody employs nearly 8,000 people, most of whom will likely find fulfilling part-time work at prestigious jobs such as Fryolator Peon #3 at McDonalds and Kroger Checkout Man #5, and will most assuredly have more time to praise our great and wise leader with, as they will only be working 20-25 hours a week. Fear not, their health care coverage will be taken care of by the continued financial raping of those not reconstructed yet and forced to buy a crappy product at 300% markup.
I would caution those doubleplusungood thinkers who point out that should natural gas and other companies continue to struggle in the progressive’s war against heated dwellings and light bulbs, it might take awhile to reconstitute a company and train a workforce. Such unpatriotic critical thinking would deny us proud residents of this most glorious nation the opportunity to create multi-billion dollar government initiatives like “Go dark for Gaia” and “Polar Bear Love: Turn your House into a Winter Wonderland and Have a Coke!” or PBLTHWWC for short. Our economy has never been stronger and our infrastructure never more sound.
In all seriousness, little has been said about the changing face of energy in the U.S. As it has shifted further away from coal and regulations have made nuclear power an unworkable alternative, the grid has increasingly turned to natural gas. As the heavy trucking industry continues to push for conversion to natural gas, it will provide additional squeeze on the commodity, pushing prices northward. Those interested should look up the price hikes in Allentown, PA during January when there were widespread power outages. $2.00 kw/hr. Outstanding. Should the Boy Wonder’s regs make it pass SCOTUS, heh, at least two dozen coal plants will be decommissioned, and 60Gw of capacity will disappear with it. That’s 60+ nuclear reactors. California continues to lead the way and plans to eventually shut down nineteen gas-fired plants and a pair of reactors by 2020. Where will the energy come from? Well, thirty states already mandate you buy more expensive electricity that comes from ‘renewable’ sources. I’ve been assured that it works better and is essentially the Fiji Water of electricity. Which you will pay because you have to, and you will like it. While this may not effect many who frequent this site in terms of utilities, it does effect us all in other ways. I’ve seen first hand how restless the natives get when there’s not power for a week. By Day 7 there were no more happy fun times, and that was with AEP continually assuring people when the power was coming on and actually delivering on that promise. Two weeks. Different strokes and all, but here, two weeks. You’d start to see individuals coalescing and what life looks like under the thin veneer of civilization. Coalmageddon isn’t going to end us all. However, it adds just a little more pressure on everyone, takes just a little more money away and likely will make things just a little more uncomfortable for people. Little things have a way of turning into big things if you keep adding them up. Just ask the RNC.
– Jesse James