Eastern Kentucky coal mines suffer as prices plummet
As the world watches the collapse of a barrel of oil, the energy industry is facing trouble. That is, even in Wyoming there are cutbacks, on the obvious side is drilling rigs being reduced. But in Kentucky the coal output is unprofitable.
In Wyoming our PRB, Powder River Basin in North Central Wyoming is strip mining and the coal cars are still leaving full. No slow down is forseen. But one thing we do know that is Pres. Obama’s push to close down the carbon industry and that means coal. We have written on it many times. In Obama’s push for election to office the first time around he spoke directly to the fact of closing up coal mines and making industries turn from using it. You could use it he said, but it would be too costly and run you out of business. His goal was to make it as difficult as possible for the industry. So now with oil down which is good for consumers, we noticed today that the price of a gallon of gas went up sharply. With the ongoing fighting now with Yemen planned and an Arab coalition which includes Saudi Arabia the price fixer’s saw a chance to make more money. Well at any rate, for many in the oil to go back to business in a big way, they need more money. While this is good for them, it is not so good for consumers; unless you say that high gas prices is okay as long as I have a job. Good point! Is there any other way? Either high gas prices and jobs or low gas prices and being laid off? What a choice, meanwhile in Kentucky layoffs have occurred.
Wyoming knows very well about downturns and layoffs, it sympathizes with Kentucky!
WIBR/WARN Radio commentary on Coal prices