Somehow the Environmental Protection Agency’s anti-coal crusade just seemed a little weird. Since we in the United States quit using bituminous coal, or “soft” coal that coats everything in sight with dust when it burns, a lot of the pollution issues that plagued the country in the early twentieth century have largely disappeared. However, that did not stop the nation’s leftists – the ones who stand to profit from “green energy” grants from the federal government – from pushing new, unproven and very expensive forms of energy production.
A few years into the “green” energy push, and a handful of things have happened in relation to the coal industry. First, the stock price of companies that produce coal plummeted to the point of near bankruptcy. Second, MANY workers are going to lose their jobs when the coal plants are idled. Third, the HUGE American coal seams have gone from being revenue producing to non-producing assets. In financial terms, the American coal companies and mines have gone to clearance level prices, and should be considered a good bargain for any investor looking for unrealized potential.
In a move that everyone should have seen coming given his history, the one man who can afford to snap up stock at basement prices by the hundreds of thousands of shares, has done so with both Peabody Energy and Arch Coal, the two largest coal producing companies in the nation. (That they are both headquartered in this writer’s hometown is incidental.) From Steve Milloy at Breitbart:
U.S. Securities and Exchange Act filings indicate that [George] 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 [by Breitbart’s Steve Milloy], 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 hydrofracturing 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.
Well, isn’t that special. And it isn’t just Soros, not that his stake is all that big in the larger scheme of the coal industry at the moment. As Steve Milloy pointed out, Warren Buffett owns HUGE stakes in the rail operations that ship coal across the country every day. This writer will testify to the daily coal trains that rumble through this city. In addition, green energy hawk Tom Steyer actually OWNS coal operations in Indonesia from which he has tremendous profits. And then there is this:
Little known is the fact that while the U.S. coal industry seems to be circling the bowl in the U.S., coal is actually the fastest growing fuel on a global basis. And coal will continue to grow regardless of whatever climate treaty is signed in Paris later this year. Goldman [Sach]’s favorite green has nothing to do with the environment.
Seriously, though, could coal have been brought down just to replace the stockholders and management so that the product can be sold overseas to a growing market? How many of these guys own the shipping companies needed to get the stuff across oceans in addition to the railroads? What happens when the next president comes in, and reverses all the anti-coal initiatives? Those assets are going to be considerably more valuable.
If Milloy is correct about this attempt to more or less steal coal assets, the filthy rich billionaire who is snapping up large amounts of stock at rock-bottom prices has no shame. This action is breathtakingly despicable and corrupt, especially when they have done nothing but lie to Americans about the benefits of “green” energy all while plotting to buy up the profitable and proven energy sources and concentrate them in the hands of friends of the regime in power.
H/T – Moonbattery