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According to CNN, coal’s share of total power generation dropped from 45% in 2010 to 28% in 2018 and is expected to decrease to just 24% in 2020.
Dennis Wamsted of The Institute for Energy Economics and Financial Analysis said in a blog post that this “represents a momentous development driven by the deep transition underway in the electric generation arena.”
“The market has spoken loudly: The competition for America’s energy future is over, and coal has lost,” said EWG President Ken Cook. “Why, then, do President Trump and some short-sighted lawmakers want to prop up a loser?”
Why This Matters: The Trump administration, and lawmakers in some states, continue to push huge taxpayer-financed bailouts to money-losing coal plants, which in turn drives climate change and is a severe threat to public health. This surge in renewable power was not even imaginable five years ago, but now it is inconceivable that coal could ever come back and Trump’s promises to the contrary are more and more farcical. This is strong evidence that carbon neutrality in the U.S. in the next 25 years is not a pipe dream.
ll reports that on Friday, 14 Members of Congress (13 Republicans and 1 Democrat) asked the Trump Administration to use its authority to temporarily reduce or eliminate royalties they are required to pay the government under their leases.
Why This Matters: The oil and gas industry has received enough handouts.
Between coronavirus economic meltdown and the excess oil supply thanks to the Russia and Saudi Arabia price war, bidding on the latest oil and gas leases for sale in the Gulf of Mexico yesterday was lower than any sale since 1993 for the highly productive central Gulf, according to the Associated Press.
Why This Matters: Cheap sales like this are good for the industry but they are selling our national shared assets for pennies on the dollar.
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