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EYEWITNESS LOCAL NEWS
OBAMA AND COALfrom Eyewitness News Online W.Va. Coal Association Talks About The Next Four Years Reported by:  Kennie BassVideographer: Matt Durrett Web Producer: Kennie Bass Reported: Nov. 7, 2012 5:48 PM EST Updated: Nov. 7, 2012 6:02 PM EST
Charleston
, Kanawha County
, West Virginia
With President Barack Obama winning a second term, West Virginia coal supporters say there are more troubled times ahead for the industry. "You think about the past performance the past three and a half years and everybody's very cautious, scared, concerned," said Bill Raney, the president of the West Virginia Coal Association. "What's going to come? Are they going to spit out regulations without any control? We hope not." In his victory speech the president talked about putting differences behind us and finding common ground to address the big issues facing America. "I return to the White House more determined and more inspired than ever about the work there is to do and the future that lies ahead," the president said.. However, critics of his administration, particularly the Environmental Protection Agency's handling of coal mining and coal-fired power plants say those lofty words don't carry much weight. Less than 24 hours after he claimed victory, HSBC Holdings says the president may consider proposing a tax on carbon emissions to help cut the country's massive budget deficit. HSBC estimates a tax starting at twenty dollars a metric ton could raise 154 billion dollars over the next decade. "What they don't tell is that that's going to come right back on the consumer," Raney said. "Now they can call it whatever they want to call it but you start taxing carbon and you're going to tax every kilowatt of electricity, every bit of gasoline fuel, any kind of fuel on automobiles. So take a look at it, who's going to pay that?" A tax on carbon emissions could accomplish some of the president's goals to cut greenhouse gas emissions which were promoted in his failed Cap and Trade legislation. MORE NEWS FROM EYEWITNESS NEWS
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