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Coal industry on steady decline under Trump’s leadership

Coal News - Published on Thu, 09 Aug 2018

Image Source: Washington Post
Think Progress reported that coal company officials can’t stop singing the Trump administration’s praises. Murray Energy CEO Mr Robert Murray loves President Donald Trump’s commitment to the rollback of important environmental protections. Other officials are still celebrating Trump’s November 2016 election victory, proclaiming it shows there’s life after death for the coal industry.

Coal industry executives can’t be blamed for sounding remarkably Pollyanna, even though the coal business hasn’t made a comeback with Trump as president. One of their primary goals is to restore investor confidence in their industry. That’s why they are exuding optimism, despite little data to back up their rosy predictions.

However, newly released data shows the coal industry is doing worse today than it was when President Barack Obama was preparing to leave office in January 2017. Coal production is still on the decline. Coal-fired power plants are still closing. And Trump’s own Department of Energy doesn’t see these trends reversing anytime soon. In other words, Trump hasn’t reversed the downward financial trajectory of the industry that started years ago.

New forecasts from the Energy Department’s Energy Information Administration show coal production will decline by 1.1 % in 2018 and drop by another 1.8 percent in 2019. Despite an increase in coal exports, according to the report, declining domestic consumption is making it unprofitable for coal producers to keep mining.

By next year, exports won’t be picking up the slack like they did in 2017. The EIA, in its latest Short-Term Energy Outlook released Tuesday, projects that both coal exports and domestic coal consumption will decrease in 2019.

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Posted By : Joykumar Irom on Thu, 09 Aug 2018
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