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 Coal is a Dying Industry
I remember Clayton and others posting on here when Trump was elected that coal mines are reopening and coal is coming back for the long term. Well, that's proving to not be true. The largest private coal producer in the U.S., Murray Energy, has filed for bankruptcy joining several other coal mining companies.
Coal use is dropping globally and will only continue to fall. Instead of trying to prop up a dying industry, money and effort should go towards retraining coal workers who will soon be out of a job.
Murray Energy, the US largest privately owned coal producer led by outspoken Donald Trump ally Robert Murray, has filed for chapter 11 protection, as the fossil fuel’s role in the country’s energy mix continues to diminish.
The Ohio-based miner, the eighth coal company to go under over the past year, said it had reached a restructuring agreement with lenders to restructure more than $2.7 billion of debt.
As part of the arrangement, lenders are creating a new entity called Murray NewCo, which will acquire all assets belonging to Murray Energy — one of the most powerful and well-connected companies in the coal industry.
The coal producer noted it would finance operations with available cash and a $350 million debtor-in-possession financing facility.
Robert Murray, the self-proclaimed king of the coal industry, is stepping down from the chief executive position, but he will remain as the company’s chairman. Former chief financial officer Robert Moore is taking over, the company said.
“Although a bankruptcy filing is not an easy decision, it became necessary to access liquidity and best position Murray Energy and its affiliates for the future of our employees and customers and our long term success,” Robert Murray said in the statement.
Unlike many of its peers, Murray Energy was able to overcome the shrinking demand from utilities by focusing on exports. However, those shipments have shrunk because of declining global prices.
US coal exports are estimated to have dropped to 20.9 million tonnes in the third quarter, according to the country’s Energy Information Administration (EIA). That represents a 28% fall compared to the same period in 2018.
The EIA expects coal exports to stay on a downward trend, slipping to 17.3 million by the end of 2020.
Internal demand for the fossil fuel, in turn, has hit a decades-low point with power plants expected to consume less coal next year than at any point since President Jimmy Carter was in the White House, according to government forecasts released in early October.
Murray Energy’s collapse is yet another sign of a dying industry, despite Trump’s rescue attempts. Right after taking office, he slashed environmental regulations and even installed former coal lobbyist Scott Pruitt at the head of the Environmental Protection Agency (EPA).
The deregulatory push, however, has been unable to offset market forces. Coal just can’t compete with cheap natural gas and the falling cost of solar power, wind and other forms of renewable energy.
Murray, who began working in coal mines at 16 to support his family and founded his own company in 1988, has been an outspoken advocate of coal.
He challenged President Barack Obama’s clean-air rules and even called him the “greatest destroyer the US has ever had.”
https://www.mining.com/us-top-privat...or-bankruptcy/
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Lets put Liz in the top spot. That will fix things. Motto will soon be USA a dying Country
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Like they did when pelosi got put in charge of a once thriving party??? Now it's dying an ugly death.
Where is the move over flag when you need it?????
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 Originally Posted by mcarter815
I remember Clayton and others posting on here when Trump was elected that coal mines are reopening and coal is coming back for the long term. Well, that's proving to not be true. The largest private coal producer in the U.S., Murray Energy, has filed for bankruptcy joining several other coal mining companies.
Coal use is dropping globally and will only continue to fall. Instead of trying to prop up a dying industry, money and effort should go towards retraining coal workers who will soon be out of a job.
https://www.mining.com/us-top-privat...or-bankruptcy/
Obamunism hurt the coal industry sooooo bad it is having trouble rebounding but give it time and TRUMPISM and lets see how it goes!
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Bankruptcy means nothing, just a re-structuring of debt! They'll bounce back even stronger, its happened thousands of times!
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Originally Posted by ZERO25
Bankruptcy means nothing, just a re-structuring of debt! They'll bounce back even stronger, its happened thousands of times!
Yeah just look at THE BILLIONAIRE we now have as PRESIDENT !KAGA! KAGA! KAGA !
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Originally Posted by dirtMAN007
Yeah just look at THE BILLIONAIRE we now have as PRESIDENT !KAGA! KAGA! KAGA !
Yeppers......successful businessmen don't QUIT!!!
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Originally Posted by ZERO25
Yeppers......successful businessmen don't QUIT!!!
Even past burdensome gov’t over reach and ridiculous regulation won’t take this great industry down ...........sorry to disappoint you AMERICA HATING LIBTARDS .....AGAIN ! SORRY NOT SORRY !
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One thing that's probably hurt the coal industry is Fracking. It's made natural gas a competitive alternative for electricity production in the USA. However. coal is far from dead. Why? China!
https://www.forbes.com/sites/judecle.../#309ef7863454
Anyway, remember Pocahontas has promised that if she is elected she will ban fracking. If that were to come to pass, it would be a HUGE boon for the coal industry. So if Pocahontas wins, buy coal stocks!
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Originally Posted by Stefan2k4
One thing that's probably hurt the coal industry is Fracking. It's made natural gas a competitive alternative for electricity production in the USA. However. coal is far from dead. Why? China!
https://www.forbes.com/sites/judecle.../#309ef7863454
Anyway, remember Pocahontas has promised that if she is elected she will ban fracking. If that were to come to pass, it would be a HUGE boon for the coal industry. So if Pocahontas wins, buy coal stocks!
Pocahantas doesn't know what the frack she's talking about! 
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its no different than when they propped up General Motors , and there still here .....sooooooo....
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Originally Posted by ZERO25
Pocahantas doesn't know what the frack she's talking about!
True THAT !!!!
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Sure there's better options. Release the technology.
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coal industry has been dying since the 1960s hasn't it? Yet it's still here.
Will be the same with gas powered cars
Where is the move over flag when you need it?????
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Originally Posted by mcarter815
I remember Clayton and others posting on here when Trump was elected that coal mines are reopening and coal is coming back for the long term. Well, that's proving to not be true. The largest private coal producer in the U.S., Murray Energy, has filed for bankruptcy joining several other coal mining companies.
Coal use is dropping globally and will only continue to fall. Instead of trying to prop up a dying industry, money and effort should go towards retraining coal workers who will soon be out of a job.
https://www.mining.com/us-top-privat...or-bankruptcy/
Man get off starting with past $hit and get over it , move on . Lets talk about the boarder
and all the illegals getting your tax money . Dumb $hit about coal . So go pay your
higher gas prices . You liberals are fools . And OK you didn't vote Biden or Trump .
Who did ya vote for , CAMEL TOE . Hahahahahahahah.
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Originally Posted by ZERO25
Bankruptcy means nothing, just a re-structuring of debt! They'll bounce back even stronger, its happened thousands of times!
Exactly. Yes sir.
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There is cleaner coal like Colorado powder basin coal which burns hot and cleaner because it is a higher grade of coal, and there is the poorer grade coal found in the East which is not wanted. The large base load coal plants will remain, burning the better coal with newer technology added. Like this, if you have a small very old coal MW plant, you run min load at night and full load in the day, not getting the bang for the buck because you need to run at full load 24/7 to keep cost low. It is cheaper to build new small gas generator turbines that can be fired up in minutes for peak day loads and make a lot of money selling MWs at a high price to other producers and users during high demands. As one member stated, fracking changed everything, along with newer technology for cleaner emission.
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Originally Posted by mcarter815
I remember Clayton and others posting on here when Trump was elected that coal mines are reopening and coal is coming back for the long term. Well, that's proving to not be true. The largest private coal producer in the U.S., Murray Energy, has filed for bankruptcy joining several other coal mining companies.
Coal use is dropping globally and will only continue to fall. Instead of trying to prop up a dying industry, money and effort should go towards retraining coal workers who will soon be out of a job.
https://www.mining.com/us-top-privat...or-bankruptcy/
All of this only proves how a corrupt government with an agenda of shutting down an industry is succeeding in doing just that. Sadly it's a decline created by the government itself with no regard for our nation's energy independence or individual's employment. The government would rather they not work so that they can create more dependence to it for the people.
If's there's a power shortage, just shutdown another coal power plant. this is just wicked and all wrong.
Thanks for poiinting out just how evil our government has become.
Last edited by Buford.Justice; 05-22-2021 at 11:10 AM.
If you're not outraged, you're not paying attention!
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A government created decline. Just one of many they have planned for us!!! Once again making McNugget happy!!
If you're not outraged, you're not paying attention!
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Originally Posted by ALLDIRT
Man get off starting with past $hit and get over it , move on . Lets talk about the boarder
and all the illegals getting your tax money . Dumb $hit about coal . So go pay your
higher gas prices . You liberals are fools . And OK you didn't vote Biden or Trump .
Who did ya vote for , CAMEL TOE . Hahahahahahahah.
Yes a half million or more have crawled into our nation this year and Biden is cutting many of them a cash card to boot. Totally insane.
If you're not outraged, you're not paying attention!
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