The federal production tax credit (PTC) is scheduled to expire on 31 December. It was first enacted in 1992 and signed into law by the first President George Bush.
Republican Mitt Romney and his vice presidential nominee, US Representative Paul Ryan, in turn accused Obama of seeking to destroy the coal industry and stifling development of other fossil fuels. They argue that the Obama administration’s excessive regulation and favouring of wind and solar energy will make it even more difficult for the US to achieve energy independence.
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