President Barack Obama's plan to tighten fuel efficiency for medium- and heavy-duty trucks is not good for the nation, says Leighton Steward, chairman of Plants Need C02.
"It's bad news . . . What they're putting out here is essentially going to stop the development of any new coal plants," Steward told Joe Concha, guest host of "The Steve Malzberg Show" on Newsmax TV.
"As soon as they get that done, everybody figures they'll go ahead and move in and put these same regulations on existing coal plants and just put the coal people out of business," he said Tuesday.
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Steward, whose non-profit group touts the positive effects of additional atmospheric CO2, says Obama's use of executive authority to address climate change echoes one of his notorious campaign promises.
"He said I am going to bankrupt the coal industry and energy prices will necessarily skyrocket. He said that. It's on tape. It's public," Steward said.
"So, it looks to me like he's just trying to follow through with that instead of going through the Congress . . . He's just going to do it by executive fiat and tell the EPA to get it done."
Americans can expect the tighter regulations to raise the price of energy, Steward says.
"[That] will effect everything – utility bills and food supplies and transportation . . . and it's going to hurt the poor people the most because they're the ones that don't have any optional dollars to spend."