Bloomberg: Coal is Dying of Natural Causes, Not Because of Obama

Michael Bloomberg: “Critics of the Environmental Protection Agency’s new Clean Power Plan are describing it in apocalyptic terms. But much of what they believe about the plan — that it will destroy the coal industry, kill jobs and raise costs for consumers — is wrong. And it’s important to understand why.”

“The overblown political rhetoric about the plan tends to obscure the market reality that the coal industry has been in steady decline for a decade, partly as a result of the natural gas boom, but mostly because consumers are demanding cleaner air and action on climate change.”

“The primary reason for the public revolt against coal is simple: It causes death, disease and debilitating respiratory problems … At the same time, jobs in the energy industry have multiplied, led by natural gas and renewable sources such as solar and wind. Today, there are nearly two people working in the solar industry for each person employed by the coal industry.”

“What has this meant for consumers’ pocketbooks? Very little. The transition away from coal has been almost undetectable in electricity bills: Residential rates have been essentially flat since 2006.”

“In short, reducing our nation’s coal consumption has meant a healthier country with more jobs — at no extra cost to consumers. Is there anyone who thinks that’s a bad deal?”

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