Let's talk about Trump’s $625M bailout for coal....
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What is the Trump administration’s $625 million coal bailout and why is it controversial?
Well, howdy there internet people, it's Belle again. So today we're going to talk about Trump's $625 million bailout for coal.
How have coal’s share of U.S. electricity and jobs changed over the past two decades?
The Trump administration has announced that it will be devoting hundreds of millions of dollars to support an energy source that is plummeted in use. According to the Energy Information Administration, in 2000, coal supplied about half of the country's electricity. Last year it was only about fifteen percent. The industry has lost about half its jobs over the last decade. The energies Trump has been trying to discourage wind and solar produced more than coal last year.
Why do environmental groups say the bailout wastes tax dollars on an outdated energy source?
Amanda Levin of the Natural Resources Defense Council said the Trump administration was committed to quote Supporting the oldest dirtiest energy source It's handing our hard earned tax dollars over to the owners of coal plants that cost more to run than new clean energy. This is a colossal waste of our money at a time when the federal government should be spurring along the new energy sources that can power the AI boom and help bring down electricity bills for struggling families. More than half of the six hundred twenty five million being spent on dirty obsolete energy will be spent to modernize or recommission old plants. On top of blowing hundreds of millions of dollars, the administration also announced the opening of thirteen point one million acres of federal land for coal leasing.
How does the coal bailout fit into the current political climate and upcoming government shutdown?
We got a question asking why coal needs hundreds of millions of dollars. Back in April, Christy Walsh, who's an attorney at the NRDC, might have best encapsulated the issue Cole has. She wrote quote Why? Because it can't compete, not on cost, not on speed to market, not on clean air, and not on health. At this point, a utility or state regulator that decided to spend money on coal instead of a clean resource like solar, wind, or storage, would be throwing those dollars down the drain. in favor of a political agenda at the expense of everyday customers. Again, that was back in April.
What are experts predicting for the long‑term future of the coal industry after the bailout?
It wasn't in response to the Trump administration standing over the drain with six hundred million dollars. The timing of this announcement couldn't be worse for Republicans. They're cheering on spending hundreds of millions of dollars to prop up a failing energy sector while simultaneously running headlong into a government shutdown. Because they don't want to give working class Americans credits to keep their health insurance. Which is made even more eyebrow raising because there are studies that suggest coal powered electricity plants end up costing billions more in healthcare costs. This bailout won't save the coal industry. As Frank Holmes of US Global Investors said, quote. Coal may see a temporary boost from regulatory relief.
And some investors may profit in the short term. But in the long run I think the writing is on the wall. Anyway. It's just a thought. Y'all have a good day.
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Chapters
5 chapters
1
What is the Trump administration’s $625 million coal bailout and why is it controversial?
0:01–0:15
2
How have coal’s share of U.S. electricity and jobs changed over the past two decades?
0:15–0:48
3
Why do environmental groups say the bailout wastes tax dollars on an outdated energy source?
0:48–1:49
4
How does the coal bailout fit into the current political climate and upcoming government shutdown?
1:49–2:35
5
What are experts predicting for the long‑term future of the coal industry after the bailout?
2:35–3:43
Speakers
1 identifiedMore from Belle of the Ranch
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