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Patriot Coal and now this is a company name major companies in the -- -- area they file for bankruptcy protection last night the entire coal industry by the way obviously suffering.
And part because achieve natural gas and who can remember the last time we had a real winter.
But also because of the administration's anti coal policies joining us now Tom relic.
For freedom works -- -- you know listen you know I've had this discussion many times you told me you know maybe a year ago.
That's some of these companies were gonna go bankrupt by even ask you -- about -- -- that you think they're gonna make it.
We'll start off with all the reasons and what's the main reason we know warm winters we know natural gas is a tremendous thing -- a lot of people say that's -- markets work.
Natural gas is cheaper it's cleaner it's American.
You know that's -- a Smart thing so.
Is it isn't -- disorder belly -- point fingers that the administration -- something that would have happened no matter what.
Oh absolutely the coal industry's going to go bankrupt because of president Obama's boot against their throat.
Remember before he was when he was running for president he promised to make electricity prices skyrocket.
An -- for utility use coal.
They could go bankrupt because that of of his policies from the start is an -- secretary Chu.
Called coal his worst nightmare Biden -- said no coal in America that the president has had a hostile.
-- -- stance against coal and now we're seeing the impact.
On hardworking everyday Americans he's talking about job outsourcing -- Bain Capital.
My god look what he's doing to hardworking Americans in Kentucky in West Virginia.
Then he wonders why unemployment is so high -- is driving people to -- government plantation and -- food stamps.
I you know guys I -- a -- what I'm -- that is how rapidly.
The decline of coal as a percentage of our electricity generation has gone down -- I thought it would be a 50% to -- another decade but we're in the thirties now.
We -- about 3536%.
That's fell to the 1970s.
Levels a look at the stock prices it took about a free market so -- natural gas is cheap located big company Peabody maybe goes down 10% 15%.
They're down over 60%.
Patriot bankrupt look out for James River army all these companies it's not a mystery this was his plan and he's delivering it.
But could -- Charles -- he was -- markets now on he told our viewers to stay away right -- patriot in particular because the volatility mean Charles do you think some of those was just mismanagement.
And the higher than what ultimately let you -- firm as -- legally quickly reversed right.
But you -- -- even even you know Peabody blog I think largest coal company in the world is you know down 6065%.
So -- but the bigger companies though are going about as you -- Exxon Conoco we talked it has -- -- is there they are going for more Nat gas they've been pushing this the last 23 years.
So that's that's have another death knell for call it only has.
They do with the administration what will it does because the -- -- -- if you're big energy provider and the the administration's policy is to bankrupt and industry you have to fill electricity somewhere where no let's not coming from Solyndra.
So the only way to do it is natural class this it does burn cleaner in his -- today.
But why why would you want to diversify energy portfolio.
Why would you want a combination of of gas of natural gas and coal why would you put all your eggs in one basket I mean that's an insane energy policy.
I gotta let you go but do you think ultimately will be a larger names that we can actually see bite the bullet I mean -- there's a second second term for President Obama.
Could he actually white wipe out the entire coal industry for the most part.
Well I think it's it is going to be huge impact and maybe one or two left to able to export so that China gets a cheap source of energy.
While our electricity prices skyrocket that's the plan number only about top of from day one thanks operator.
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