Before President Obama took office, he made it clear that he did not like companies that produce energy. One example includes a 2008 statement he made about coal companies:
President Obama declared war on oil and natural gas at the United Nations global warming summit and he made the same pitch to the G20 meeting in Pittsburgh.
Obama told the UN, “I will work with my colleagues at the G20 to phase out fossil fuel subsidies so that we can better address our climate challenge.”
On September 10, Buddy Kleemeir, chairman of the Independent Petroleum Association of America told a Senate Finance Committee that “The Obama administration’s budget request would strip essential capital from new American natural gas and oil investment by radically raising taxes on American production.”
One website related to picking stocks, StockPickr.com, created a separate list of Obama’s corporate enemies, with a breakdown of why they would not be good stock picks. Excerpts from the site:
Arch Coal Inc, Massey Energy Co., and Peabody Energy Co are not good investments because:
There’s another big C on which Obama has trained his sights, and that’s carbon. If a business emits CO2 – think steelmakers, utilities and coal companies – it could be in trouble. The only reason Cramer didn’t recommend selling Arch Coal (ACI), Peabody Energy (BTU) and Massey Energy (MEE) is because Chinese demand is great enough to sustain them, even if Obama gets his cap-and-trade plan, which all but amounts to a carbon tax.
US Steel, Nucor and Southern are not good investments because:
Cramer also advised against owning steelmakers that produce with coke, or the coal used to make steel. Better to switch out of US Steel (X) and into Nucor (NUE), which uses less coal in its production. The same goes for utilities that use oil or coal. Southern Company (SO), with its 71% concentration of fossil fuels, is a sell.
Folks, President Obama is against nuclear power, he is against oil exploration, and he is against coal, yet there are not enough windmills or solar panels to power our present energy needs much less our future energy needs.
