The coal industry is dying, and they are desperately trying to place the blame for their impending doom on someone other than themselves. The world around them is changing, and the industry is absolutely terrified of change.
Earlier this week, an appellate court in Washington, D.C. ruled that the U.S. Environmental Protection Agency (EPA) had overstepped their authority with their Transport Rule that was put in place to reduce the amount of air pollution being spewed from coal burning plants. The rule would have put stringent limits on the amount of pollution that was being emitted and carried across state lines by weather.
The Courier-Journal has more:
A panel of the U.S. Court of Appeals for the District of Columbia Circuit found in a 2-1 ruling that the EPA, in its so-called “Transport Rule,” had required too much pollution cutting when regulating power plants in 27 upwind states.
In looking at the rule’s “good neighbor” provisions under the Clean Air Act, the court found the EPA did not allow states time to reduce pollution on their own before taking its own action.
The EPA’s own estimates show that the rule could have prevented as many as 15,000 heart attacks a year, 19,000 emergency room visits, and would have reduced sulfur dioxide emissions by 73% and nitrogen oxide emissions by 54%. Both of those are known lung irritants.
Wasting no time, the U.S. Chamber of Commerce sent their astroturf division out to tout the court’s ruling as a victory for businesses, and for America. The Institute for 21st Century Energy, the Chamber’s energy front group, released the following statement from their president, Karen Harbert:
The average U.S. household has seen both their net worth and their average income steadily decline over the last seven years. Unemployment in the United States still remains at uncomfortably high levels, and the poverty rate is about to reach highs that haven’t been seen since the 1960’s. But as average citizens are struggling to provide food for their families and gainful employment, there are a special few in the U.S.A. who have more cash than they know what to do with. Those special few would be the oil industry.
While most of us in the U.S. were cringing every time that ticker on the gas pump climbed higher and higher, executives at the top five oil companies were squealing with delight as their profits climbed even faster and higher than the prices at the pump.
This week, oil companies are sheepishly coming forward with their 2nd quarter earnings statements, likely praying that Americans forget about the fact that gas prices were recently at near-historic highs in areas of the country. From Climate Progress:
The top two corporations on the Fortune 500 Global ranking, Royal Dutch Shell and ExxonMobil, announced their 2012 second-quarter earnings today, bringing the total profits for three Big Oil companies to $44 billion for 2012 or $250,000 every day this year. Exxon profited by $16 billion this quarter, bringing its earnings for 2012 to $25 billion.
The New York Times wrote that Exxon and Shell’s earnings “disappoint,” because energy prices unexpectedly dropped for consumers this summer. Put their profits in the appropriate context, however, and Exxon and Shell still made a combined $160,000 per minute last quarter, even though the top five oil companies benefit from $2.4 billion federal tax breaks every year.