You're watching...
Pennsylvania Coal Alliance CEO John Pippy on regulation’s impact on the coal industry and the sector’s potential for growth.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Have been taking -- hit since president Obama's reelection Mitt Romney was a big supporter producing clean coal but now the President Obama will be in the White House.
-- -- the four years there a lot of questions what does the future of the coal industry look like.
Joining us out of Fox Business exclusive interview with CEO of the Pennsylvania coal lives John -- -- good to see you sir thanks for coming in appreciate it.
-- -- -- -- -- I I you must I mean most coal people I know we're rooting for Romney in this of course they reduce what we saw this huge run up.
In coal stocks as soon as Mitt Romney mentioned it in the first debate saying he was a fan of coal.
And then of course we've seen this drop off I think we could put together a two day chart to show you how much.
Cole has dropped in two days but it's something like 20%.
What are you expecting the president to be any less hostile to coal during his second term that he wasn't a first term.
Well if the president is as true to what he said about.
Our groups coming together -- I think there's a chance that we can bring this energy debate back into the middle ground what would represent.
Most of middle America and don't know anyone who looks -- object to it objectively realizes.
Coal natural gas oil wool all -- far more energy portfolio.
And so that's for open.
How world concern because you know the if the EPA particular.
-- has on the side of the of the radical left point in many cases as try to get radical later they had a war coal.
-- I think now the time for us to come together.
Now the election's over and have a really are good discussion about the future of energy not only here in the United States but in the rest -- world.
Because -- to -- deficit.
They're using coal as their primary source of energy they -- five times as much as we do in China and India so to have to hamstring our guys just wanna make sense what.
Well let me let me just get you on that comparison though -- -- walking around with face masks in many cities in China because of real pollution.
Surely -- not against all regulation -- make sure that it's at least another thing.
What are we need to get rid -- what what is there are certain particular phrase in the EPA language that you feel is unnecessary.
For the the issue here is really our biggest child with a green how good the CO2.
Bill as far as -- since talks.
That is what people considered acid -- The -- -- -- now we have decreased our missions by over 90%.
So if you walk around a coal fired power plant especially the newer ones.
You'd be your you don't even realize that you're fishing outside it there and join it if we want to be leaders in energy -- we should be doing shipping that clean coal technology.
To China and India so that they are not polluting in their part of the world.
John trying to figure out where your optimism is coming from we just we're just getting word now by the way that there is a group of fifty EPA staff members are putting together.
A new greenhouse gas emissions standard.
That would essentially ban all construction of all new coal fired power plants.
We are that coming out any day now.
Why would you be at all optimistic.
Although the good reality isn't and that's a child who -- -- -- house.
-- we need these people -- look at reality the reality is.
The rest of the world that is going to need 55% more energy over the next funny years in the United States we're NE 20% more energy.
That need cannot be filled by just one source whether it be.
Our renewal bulls and natural gas a domestic oil we we were going to need a very diverse portfolio.
So if we can get away from that rhetoric if we can tell them.
Why -- you limiting us and that it would -- as a relates to CO2.
When we're just a small percentage less than 3% of all CO2 in the atmosphere is man made and then US cold is a small point.
Percentage of that less than 3% of that so it you would have no environmental impact no benefit.
Global -- -- admit that.
But what -- you would have is 800 billion dollars of new costs associated with it so we would artificially inflate our energy costs.
And that's a conversation we're having that's why I think you saw a lot of heavily democratic -- Go the other direction on the selection because they see it.
John Pitney CEO of the Pennsylvania coal alliance -- it's holding up a big chunk of that right now.
We're holding up coal right now as we speak -- that's the luckily as it's your inferred tough couple years we wish you the best job very.
