The Akron-based power company FirstEnergy has recently filed for Chapter 11 bankruptcy for their coal and nuclear divisions. However, FirstEnergy is seeking a government bailout through a lesser-known section of federal law typically reserved for natural disasters. Despite Trump's insistence on using coal power, the coal industry has faced severe pressure from the natural gas industry. Asking for a bailout from a fund used for natural disaster relief is a gross misuse of tax-payers' money. The coal industry has declined for good reason, as it is a very unclean source of energy. Should the Trump administration choose to bailout FirstEnergy's subsidies, I believe that they should only bailout the nuclear division. Despite many people's concerns, nuclear power is one of the cleanest forms of energy, and it should have priority over coal.
Source: http://money.cnn.com/2018/04/02/investing/firstenergy-coal-bankruptcy-trump/index.html
4 comments:
It is very obvious Trump does not believe in climate change or is interested in pursuing any clean, energy alternative solutions so I would not be surprised if he chose to bail out this coal company. Although I agree that this would be a massive waste of public funds, as the coal industry is declining for good reason and is not a sustainable energy solution for the future of our country.
Trump's motives towards the environment are basically to roll back any or most of Obama's policies that aimed to curb climate change and limit pollution, so I would not be surprised in the slightest if he wants to bail out this coal company. However, it could be controversial to put public funds towards this- perhaps he could dip into his not so secret piggy bank used for golf trips.
In my opinion, Coal is one of the most dirties fossil fuels that exist as of today. Instead of bailing out the Akron based company, the administration should invest that amount into sustainable energy futures. However, under this administration, this seems highly unlikely because apparently, Climate Change is a hoax created by China.
I believe that in the future the coal is no longer used because it has so many limits: unclean and unsustainable. In the long term, I think it is better to spend money on the nuclear power. However, Trump might decide to help the coal company but it won't benefit much the economy in the long term.
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