Monday, 17 October 2016

Coal CEO calls Tesla a “fraud" – Elon Musk fires back a challenge


Robert Murray, President of coal giant Murray Energy Corporation, claimed in a TV interview, “Tesla is a fraud ... he’s gotten $2 billion from the taxpayer ... not made a penny yet in cashflow ...”

Elon Musk tweeted Robert Murray's, “fraud”, charge:


And then issued a challenge:


“How about we both go to zero?” – With fossil fuel subsidies running at $10 million per minute world wide,1 that would be a huge leap forward for the world economy, for the environment, & for humanity.

Renew Economy – Coal CEO calls Tesla a “fraud,” doesn’t mention subsidies for failing coal
https://reneweconomy.com.au/coal-ceo-calls-tesla-fraud-doesnt-mention-subsidies-failing-coal-91514

The Huffington Post – Elon Musk Burns Coal-Mining CEO Who Called Tesla A Fraud
https://www.huffingtonpost.com/entry/elon-musk-robert-murray-fraud_us_57fbf510e4b068ecb5e0f5b2
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1 Hithchhiker’s Guide 2 Tech, “Fossil fuel subsidies — $US10 million per minute”, http://hhg2tech.blogspot.com/2015/05/fossil-fuel-subsidies.html

 / Robert Murray President CEO coal giant Murray Energy Corporation called Tesla Motors fraud CNBC profit subsidies Tesla is a fraud gotten $2 billion taxpayer has not made a penny yet in cash flow subsidies Tesla founder Elon Musk Twitter Tesla pennies subsidies compared with coal industry climate science denial real fraud distortion coal subsidies Tesla $465 million guaranteed loan Department of Energy Tesla paid off in full nine years ahead of schedule earning government American taxpayers millions indirect subsidies Tesla $7,500 tax credits purchaser electric vehicles not Tesla receiving $2 billion American car buyers buy Tesla any other electric vehicle increased demand consumer-facing subsidies subsidies coal industry receives coal tax breaks coal industry benefits billions dollars tax policy loopholes ThinkProgress reported 2012 Treasury Department tax preferences coal save taxpayers $2.6 billion expensing exploration development costs coal companies expense costs locating coal deposits percentage depletion Hard Mineral Fossil Fuels tax code coal companies claim tax deduction cover costs investments mines capital gains treatment coal royalties private owners treated long-term capital gains taxed lower rate coal’s cheap ride rails coal companies benefit directly subsidized transportation America’s railways Association of American Railroads coal 47 percent of tonnage 25 percent of revenue U.S. railroads loans loan guarantees government agencies Department of Transportation Federal Railroad Administration received numerous tax incentives investments new infrastructure below market leases America’s public lands Murray’s mining operations Northern Appalachia Illinois Basin mines private lands Lila Canyon mine Utah publicly-owned lands takes advantage federal coal leasing process federal coal leasing program tantamount massive subsidy to coal companies buying coal owned American taxpayers well below market value coal-supporting subsidy figures costs borne by taxpayers climate damage local environmental health impacts mining transportation combustion disposal of coal Dr. Paul Epstein Harvard Medical School’s Center for Health Global Environment quantify how harmful coal local impacts alone total economically quantifiable costs $345.3 billion adding 17.8¢/kWh electricity generated from coal quantify externalities borne general public distortion not earning a profit coal industry is going bankrupt enormous subsidies coal companies are failing currently 52 bankrupt coal companies McKinsey and Company study United States coal industry bankrupt $45 billion funds debt employee-related reclamation liabilities billions in subsidies 52 coal companies have gone bankrupt industry as a whole worse than bankrupt owing $45 billion it doesn’t have current debts and liabilities fraud financial situation Murray Energy’s nces, Moody’s finances downgraded investment rating Murray Energy Corporation investment service wrote that the downgrade expectation company’s leverage metrics cash flow generation under stress due problems facing the coal industry government support Murray Energy Corporation receives subsidies special tax treatments company’s cash flow under stress America’s coal plants cause global warming /
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