Romney, Manchin Stand Up To Support Coal Just As Peabody Declares Bankruptcy For A Second Time

[hatrack]

The election results are a stark reminder of just how divided the country remains on many issues. However, in the days since the results were announced November 7, two senators from both parties are finding common ground in a familiar space: opposition to the Green New Deal and support for a dying coal industry. Both Sen. Mitt Romney (R-UT) and Sen. Joe Manchin (D-WV) immediately took to CNN and Fox News in the days after the election was called to try and rally support for the fossil fuel industry in the wake of Joe Biden's election as president — a success which brings with it the promise of strong climate action.

But their comments also come on the heels of yet another coal plant closure in the U.S. and as the world's largest coal producer, Peabody Energy, warns of going bankrupt for the second time in five years. Romney told CNN on November 8 that “I want to make sure that we conservatives keep on fighting to make sure we don't have a Green New Deal, we don't get rid of gas and coal.”

Meanwhile, Manchin went on Fox News on November 9 to also criticize the Green New Deal, saying, “That’s not who we are as a Democratic Party.” “We’re going to use fossil in its cleanest fashion,” he added. Manchin's unwavering support for the coal industry is well documented and unsurprising as he ran a coal company prior to being elected to the Senate. Manchin in his comments also echoed Romney’s call to not get rid of gas and coal, telling Fox News, “You have to have energy independence in this country. You can’t eliminate certain things.”

EDIT

The pandemic has reduced demand for metallurgical coal but expectations are that some or all of that demand will return post-pandemic. Meanwhile, even before the pandemic, thermal coal had a problem: it essentially has no value because there are not enough customers to buy it. As the Institute for Energy Economics and Financial Analysis (IEEFA) reported last year, Peabody admitted in August of 2019 that thermal coal mines had no value. IEEFA noted that consumption of thermal coal in the U.S. is likely to be down 41 percent in just the last two years. The fact that thermal coal is essentially worthless is something the whole industry is facing — with no good financial options to fix the situation.

EDIT

https://www.desmogblog.com/2020/11/12/romney-manchin-coal-peabody-financial-failure

[David__77]

1. It is a matter of when, not if.

Last edited Wed Nov 18, 2020, 10:52 AM - Edit history (1)

The transition to post-carbon will occur.

[still_one]

4. Exactly

[underpants]

2. Mr. Peabody's coal train has hauled it away

[MaryMagdaline]

3. So Romney wanted Detroit to go bankrupt - is he proposing that we bail out coal?

[4Q2u2]

5. What?

No horse and buggy protections?

[mopinko]

6. the stupid thing is

those sawed off mountains are perfect for wind and solar.
and correct me if i am wrong, but those old coal mines could be fracked for nat gas.

fools.