CHEYENNE, Wyo. (AP) — Wyoming Gov. Matt Mead said Wednesday he's disappointed in the re-election of President Barack Obama because he believes Republican challenger Mitt Romney had a better grasp of the importance of domestic energy production, particularly coal.
Wyoming, the nation's leading coal-producing state, draws most state income from energy production taxes. However, the state is projecting essentially flat revenues over coming years in part because of sagging demand for coal.
Mead, a Republican, is pushing ahead with 8 percent state agency budget cuts as he prepares to propose a supplemental budget bill to state lawmakers next month. He said he plans to trim his own office budget by 10 percent.
"It's a long list why I think (Romney) would have been better for Wyoming," Mead said. "As I viewed the presidential election, I saw that Congress hasn't passed a budget. Our debt and deficit continue to go up, unemployment remains too high. And I don't think the current administration has a full appreciation of what the value of affordable American energy is to the economy."
Mead said he had been impressed by Romney's emphasis on a sound energy policy, including his recognition of the value of coal.
Wyoming's in-house state fiscal analysts last month projected that coal production in the state is on pace to decline 8.7 percent, or about 40 million tons, in 2012. While coal from the Powder River Basin has a history of low-cost energy production, the analysts reported that it faces increased competition from natural gas while older power plants in the nation face increasing federal environmental regulations.
Federal figures released this summer projected that the share of U.S. electricity coming from coal was expected to dip below 40 percent this year, the lowest level since the government began collecting data in 1949. Four years ago, it was 50 percent, and by the end of this decade, it is likely to be near 30 percent.
Coal stocks fell Wednesday with Obama's re-election. His administration has proposed new environmental regulations on coal-fired power plants while Romney had proposed rescinding some restrictions on emissions.
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