CNBC's Jim Cramer Says 'Clean Coal' is "Sham" and Coal Is Doomed

Financial advisor and prominent CNBC television host Jim Cramer wrote a post on his blog today titled: “Go for nat gas, coal is doomed.” Some of the highlights of Cramer's post: “Congress can't rein in coal, but the Environmental Protection Agency can."

“One of the most amazing shams I have seen in my life is the alleged ‘clean coal’ campaign by so-called King Coal…the notion of carbon sequestration -- which has no potential for feasibility within the next 10 years, if ever -- has become gospel in Washington."

“Now, while everyone's focused on employment here, the EPA is proposing tough greenhouse rules that directly affect coal and makes mining of coal more expensive by curtailing mountaintop mining. Aside from the obvious negative job implications, these rules will prove difficult to block by the coal lobby."

“If we went with natural gas, where 100 years' worth of use has now been discovered -- enough to solve much of our trade deficit, make us energy self-sufficient and put millions of people to work drilling and building pipelines -- then we would not have to worry about mountaintop mining or EPA rules. But we can't because of a couple of committees in Congress that are dominated by coal people."

“This Congress talks a huge game of carbon reduction and pursues the exact opposite course."

“Arch and Peabody have been trading up here because of China, not the U.S., so I don't know if you have a good reason to sell these here. They are very promotional companies. But longer term, this fuel is doomed no matter how much Congress defends it. Longer term, companies like Devon (NYSE: DVN) (Cramer's Take) and Chesapeake (NYSE: CHK) (Cramer's Take) will prevail. Even short term, though, they are getting hurt. New York just announced it is putting in new rules that make drilling more difficult in the state's portion of the Marcellus Shale. Unbelievable.”

-- Suzanne Bopp