This news just in time for the Fourth of July.
Then-Senator Obama, in a January 2008 interview, promised that his policies would send electricity rates soaring: "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket."
Likewise, Obama vowed to "bankrupt" coal-fired electrical plants: "So, if somebody wants to build a coal plant, they can — it’s just that it will bankrupt them."
With Cap and Trade (aka Cap and Tax) regulations voted down in Congress, President Obama has used the EPA to come up with multiple new regulations that will stifle coal-burning electrical power plants.
There are about 600 coal facilities in the U.S. which produce about half our electricity.
American Electric Power, one of the largest producers of coal-generated electricity, states it will close 25% of its coal-burning plants and spend billions upgrading other plants.
Prices of electricity are estimated to rise 40-60% by 2014.
President Obama wants to look at other sources of clean energy--for example, electricity for cars.
My question: Exactly where will that electricity come from?
Just wonderin'....
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