This blog is devoted to evaluating vulnerable Democratic candidates, political news, law and current affairs. Author is a Political consultant specializing in opposition research for conservative candidates, attorneys and PACS at the local, state, and federal level.
“The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government - lest it come to dominate our lives and interests.”
― Patrick Henry
“So if someone wants to build a coal-powered plant, they can. It’s just that it will bankrupt them.”
On Monday Patriot Coal Corp filed for bankruptcy. Barack Obama kept this promise. Reuters reported:
Patriot Coal Corp filed for bankruptcy on Monday, the first U.S. coal
producer to seek court protection since prices began to plummet as
electricity producers turned to cheaper natural gas.
The company and nearly 100 affiliates were part of the Chapter 11 filing
in the U.S. bankruptcy court in Manhattan. Patriot said it had $3.57
billion of assets and $3.07 billion of debts, and has arranged for $802
million of financing to help it continue mining and shipments during the
Coal producers’ shares have plummeted as natural gas prices tumbled to the lowest in a decade this year, and the
U.S. Environmental Protection Agency proposed new rules that would make
it nearly impossible to build coal-fired power plants.
Patriot said these factors, weaker economies worldwide and the
cancellation of customer contracts led to reduced liquidity and
While still the largest single fuel for electricity, coal’s share fell
to 36 percent in this year’s first quarter from 45 percent a year
earlier, according to the Energy Information Administration.