We have subsidized oil companies for a century. That’s long enough,” Obama said. “It’s time to end the taxpayer giveaways to an industry that’s rarely been more profitable, and double-down on a clean energy industry that’s never been more promising. Pass clean energy tax credits and create these jobs.
Over the next 25 years, the projected coal share of overall electricity generation falls to 39 percent, well below the 49-percent share seen as recently as 2007, because of slow growth in electricity demand, continued competition from natural gas and renewable plants, and the need to comply with new environmental regulations,
Coal is the cigarette of our new age, and not just because burning it causes respiratory problems. Demand for one of the dirtiest fossil fuels is expected to stagnate or diminish here in the U.S. So coal companies — particularly those that mine the vast reserves in the Powder River Basin in Wyoming and Montana — are looking for a new place to peddle their wares. They’ve found it in China.
Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels,