Hot Air
During the campaign, Barack Obama promised to bankrupt any new coal-burning plants in the US through his global-warming policies. Congress has followed suit with a cap-and-trade bill that Harry Reid keeps promising to revive. One firm in Wisconsin shows exactly what happens when politicians intervene to attempt to conduct social engineering in the energy sector. Bucyrus just lost a $600 million project for a new coal-burning electricity plant in India, thanks to a decision by the Congressionally-funded US Export-Import Bank to deny the Wisconsin firm credit, based in part on Barack Obama’s policies:
Up to 1,000 jobs at Bucyrus International Inc. and its suppliers could be in jeopardy as the result of a decision by the U.S. Export-Import Bank, funded by Congress, to deny several hundred million dollars in loan guarantees to a coal-fired power plant and mine in India.