It looks like President Barack Obama will pay a price for his admission in January 2008 that his energy policy would mean “electricity rates would necessarily skyrocket,” Politico reports
In an interview with the San Francisco Chronicle at that time, Obama said, “If somebody wants to build a coal-fired power plant, they can. It’s just that it will bankrupt them.” He was answering a question about his cap-and-trade plan. He went on to say, “Under my plan . . . electricity rates would necessarily skyrocket.”
While cap and trade isn’t going anywhere, coal-fired power plants are closing up around the country, with owners blaming regulations from the Environmental Protection Agency.
Many industry officials say the administration’s proposed greenhouse gas regulations are meant to wipe out the coal industry.
Republicans say the electricity quote shows Obama’s true feelings.
“There’s one promise he’s kept. One promise he’s kept,” Republican presidential front-runner Mitt Romney said at a campaign event last month.
“When he campaigned, he said he wanted to raise the price of gasoline. He said that under him, energy costs would skyrocket. And then he brought in people to help him implement those policies,” Romney added.
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