Coal Company CEO: Obama's 'War on Coal' Will Double Electric Rates

Thursday, 26 Jun 2014 05:48 PM

By Greg Richter

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Electric rates will double by 2017 because of President Barack Obama's "war on coal," says Bob Murray, CEO of coal giant Murray Energy.

"The president is grossly wrong. It's incompetence. It's evil. It's a power grab of America's electric power grid," Murray said Thursday on Fox News Channel's "Your World with Neil Cavuto."

Murray bases his prediction on this month's meeting of the PJM Interconnection, a regional transmission organization representing 61 million customers in 16 states. The member utilities bid the electric price up to twice the current rate for 2017 and 2018, Murray said.

About 411 coal-fired plants are being shut down as lawsuits make their way through the courts, he said. Those plants produce 100,000 megawatts of 4-cent-per-kilowatt-hour electricity, he said, compared to the 22-cent-per-kilowatt-hour produced by the wind and solar farms being subsidized by taxpayers.

Obama is "driving this country from a reliable low-cost power grid to enormous electric power costs for absolutely no environmental benefit whatsoever," Murray said.

When Obama was first running for president in 2008, he told the San Francisco Chronicle his energy policy would cause a skyrocketing of electricity prices.

"If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them," Obama said of his cap-and-trade plan. "Under my plan . . . electricity rates would necessarily skyrocket."

Murray said Obama has kept that pledge by having the Environmental Protection Agency issue rules that are harming coal-fired power plants.

"He's appeasing the radicals who got him elected, liberal elitists such as [Michael] Bloomberg, the mayor of New York, who gave him $50 million to get rid of coal. Tom Steyer, $100 million in California," Murray said. "He's picking winners and losers in this country."

Steyer has pledged $100 million to elect Democrats committed to fighting climate change and the construction of Keystone XL pipeline.

Even though Republicans such as George Schultz and Hank Paulson have signed on to carbon taxes because they say they are worried about climate change, Murray said he isn't the odd-man out.

"I'm in the mainstream of the scientific facts," he told Cavuto. "If you shut down every coal-fired power plant in America it would affect the amount of carbon dioxide 1/20th of 1 percent."

China, he said, will burn 4.3 billion tons of coal this year, whereas the United Stats has been knocked down knocked from 1.2 billion to 800 million tons.

"I am afraid to death for America," Murray said.

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