Newsbusters posted this Obama audio from January 2008 in which he says he supports a Cap and Trade policy that is so aggressive that it would bankrupt coal powered plants. Take a listen:
Voters in coal states around the country need to know this. Barack Obama wants to essentially kill the coal industry, which is in line with Biden's previous comment that there should be no coal plants in America. These are the coal states that would be affected if Obama is able to implement his Cap and Trade policy. It would also affect those companies right now that currently use coal as fuel. They would be hit so hard with fines that they would either have to invest in major capital changes to their plants to switch to a new fuel or go under.
This site explains how coal is used for energy. As you can tell, a great many companies and industries would be affected. Our steel industry for one would be decimated. Coal is turned into coke to create iron, which is then used to make steel. Of course, the price of electricity will sky rocket to levels we've never seen before.
This Cap and Trade policy is also in line with what Obama during this 2007 interview where he said that he wants the government to send price signals on energy to force people to change their behavior.
Hat tip: Hot Air
Update: From the same audio, Obama comes right out and admits that under his Cap and Trade plan, "electricity rates would necessarily skyrocket." And he thinks this is a good thing:
And what about those who are on a limited budget like seniors and those on assistance? My guess is that Obama would provide subsidies to them to cover the costs. From where will he get the money to pay these subsidies? From increased taxes on not only the rich but also on the middle class who will already be terribly squeezed by skyrocketing electricity costs.
Update II: Sarah Palin hits Obama with his words while speaking at rallies in Ohio: