• With: Robert Murray

    This is a rush transcript from "Your World," June 26, 2014. This copy may not be in its final form and may be updated.


    PRESIDENT BARACK OBAMA: Folks will tell you climate change is a hoax or a fad or a plot. It's a liberal plot.


    ROBERT MURRAY, CEO, MURRAY ENERGY: I am scared to death for our country. What he is doing is destroying the most reliable, lowest-cost power grid that the world has ever seen.


    NEIL CAVUTO, HOST: The mock and the shock, the president vs. the power CEO. And while the chief executive is knocking client change deniers, the corporate chief executive is delivering a stark warning for everybody else.

    He is back. He's angry. He has got numbers.

    Welcome, everybody. I'm Neil Cavuto.

    And there is no denying the administration's new regulations on power plants are going to cost us all more. Even the president knows it.


    OBAMA: People don't like gas prices going up. They don't like electricity prices going up. And we ignore those very real and legitimate concerns at our peril.


    CAVUTO: To the guy who says, there's the cost peril that we're missing here. He runs coal giant Murray Energy. Robert Murray says it's the president's policies that are creating this peril.

    Very good to have you, Bob.

    What did you think of what the president was saying, that to deny climate change, you're just out to lunch, and to ignore the costs of fixing it, you're kind of doubly out to lunch? What do you think?

    MURRAY: The president, Neil, is grossly wrong.

    It's incompetence. It's evil. It's a power grab of America's electric power grid is what he is doing. And electric rates are going to double between now and 2017. The PJM interconnection that represents 61 million Americans in 16 states had their auction this month, and the utilities themselves bid the price of electricity up double in '17 and '18 over what Americans are already paying for their electricity.


    CAVUTO: So, Bob, I just want to be clear here. You're saying when the president talks about maybe utility bills and all going up 30 percent -- he hasn't said that -- but the White House says that's a possibility

    You're saying, no, no, no, it's going to go up a lot more than that. Why do you say that? What's going to change at the EPA that will justify that kind of a hike?

    MURRAY: They're shutting down 411 coal-fired power plants in America, Neil. That's about 100,000 megawatts of 4-cent-a-kilowatt-hour electricity.

    The wind and solar that President Obama and the Democrats in the Senate espouse is 22-cents-a-kilowatt-hour, five times more costly, and it wouldn't even exist, except it gets a subsidy from the taxpayer. He is driving this country from a reliable, low-cost power grid to enormous electric power costs for absolutely no environmental benefit whatsoever.

    CAVUTO: Well, why do you think he has it out for the coal industry? Why do you think he seems to have it out for you?

    MURRAY: He's appeasing the radicals who got him elected, liberal elitists such as Bloomberg, the mayor of New York, who gave him $50 million to get rid of coal, Tom Steyer, $100 million in California, most all the Hollywood characters, radical environmentalists, radical unionists in some cases.


    MURRAY: They got him elect.

    CAVUTO: I'm sorry, sir.

    MURRAY: And he is picking winners and losers in this country.

    CAVUTO: Right.

    MURRAY: But what he's also doing, Neil, is he is picking winners and losers among the states.

    This power grab of the power grid bypasses the Federal Energy Regulatory Commission. It bypasses the states, which each state has a utility commission to regulate their electricity and control the price of it.

    CAVUTO: Does it bother you, then, Bob, that George Shultz, a former top Nixon, Reagan, Ford Cabinet member has no problem with it? Hank Paulson, the former treasury secretary, has no problem with it. They're worried about climate change. They're worried that if we don't do something now to take out an insurance policy, we will regret it.

    The president has included them in a task force to look at this and the problems that are mounting, including Michael Bloomberg, who you just mentioned. Do you feel like in that company you're an odd man out?

    MURRAY: No, I'm not an odd man out.

    I'm in the mainstream of the scientific facts. If he shut down every coal- fired power plant in America, it would affect the amount of carbon dioxide one-twentieth of 1 percent. China is going to burn 4,300,000,000 tons of coal this year. He has knocked the United States coal industry down from 1.2 billion to 800,000.

    They're going to burn five times as much. Which way does the wind blow, which way does the Earth spin? It has nothing to do with the environment, sir. It has to do with power. It has to do with getting power over the grid.

    When he says sky -- electric rates would skyrocket, he meant it. He's carrying it out. How would you want to get control of America the most? Do it through the electric power availability, rationing it and the cost of electricity. That is what is happening.

    I'm afraid to death for America. And the people in this country had better be, because the people on fixed incomes -- and I grew up poor -- are going to be hurt the worst.