One of the oldest coal companies in the U.S. filed for bankruptcy protection Tuesday to deal with more than $1.4 billion in debt amid declining demand for the fuel.
Englewood, Colorado-based Westmoreland Coal Co. filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in Houston as part of a restructuring agreement with an unnamed group of lenders.
Coal is actually a dying industry. I’d say young kids in school today will force it out within the next 80-100 years (with a slow and painful decline).
I’m not going to blame Donald Trump for Obama era policies. However, I will blame the Democrats in Congress for not working with the majority party to enact job saving policies.
Developing countries will most likely be able to skip the fossil fuel phase of economic growth and jump straight to renewables with a large international investment. It’s entirely possible that most fossil fuel industries will die rapidly, relative to what we might expect, because of the decline price of renewables.
Why shoud we be saving jobs that frankly need to be phased out anyway?
For better or worse, coal is eventually going to go away, and then what? I guess because it won’t be during our lifetimes, we should just keep on keeping on, right?