Market Overview

Traditional Energy Firms Likely To Back Bush On New Policy Proposal

Traditional Energy Firms Likely To Back Bush On New Policy Proposal

On Tuesday, presidential-hopeful Jeb Bush is expected to present the details of his plan to rework the energy sector in order to create jobs and spur on the economy.

Bush has been very vocal about his opposition to President Obama's Clean Power Plan and is expected to fight the plan if he makes it into office, something states with a heavy reliance on coal might be happy to hear.

Oil Relief

U.S. producers have been cutting back in recent weeks as the global supply glut grows and crude prices remain low. However, if Bush is elected, he plans to revive the industry by lifting the nation's ban on crude and natural gas exports to places like Japan, China and Europe.

Such a move would likely give the oil industry in the United States a lift, and Bush said he believes hundreds of thousands of jobs will be created in the process. Bush's proposal also includes plans to approve the Keystone XI pipeline, which would carry crude from Canada to Texas.

Related Link: GOP Debate Shines A Light On Candidates Pot Views

No More CPP

The White House's Clean Power Plan has been the subject of controversy among energy firms in the United States, as it will force power plants to significantly reduce their emissions over the next 15 years.

While this plan will vary from state to state, those that are heavily reliant on industries with relatively high emissions like coal will likely struggle under the new rules. Bush said he plans to fight the bill, saying that it will raise energy costs and stifle domestic production.

Such a change would be welcome news to companies like Alpha Natural Resources and Xinergy Ltd., which are already struggling in the current climate and would be forced to make further cuts under the CPP.

Image Credit: Public Domain

Posted-In: alpha natural resources Barack Obama Clean Power PlanNews Commodities Politics Markets General Best of Benzinga


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