Armstrong Energy, a Kentucky coal mining company, is the first casualty of the Trump administration’s misguided end to the so-called war on coal. On Wednesday, the company filed for Chapter 11 bankruptcy.
— Maggie Jordan: (@MaggieJordanACN) November 1, 2017
According to the St. Louis Post-Dispatch, Armstrong cited, ‘recurring losses from operations,’ as the reason for them going belly-up, and wiping out some 1,100 jobs.
Trump sold voters on the idea that all the coal industry needed for a big comeback was rolling back Obama-era environmental laws that prevented dumping toxic mining waste into drinking water supplies. However, it will take more than making America filthy again to solve coal industry problems.
Andrew Cosgrove, senior analyst on global metals & mining at Bloomberg Intelligence told CNN Money, “Him (Trump) saving coal jobs was smoke and mirrors. It was never going to happen because low natural gas prices are the main problem. That will continue to cap any upside for coal.”
Cheaper natural gas that is extracted by fracking, also controversial for poisoning drinking water and causing earthquakes, is not the only reason coal mining is on the way out. Solar and wind energy are the technologies of the future, even if Trump doesn’t know that.
Trump doing what trump does best. First coal co file bankruptcy. Guys not to be mean the future is green. Retrain.https://t.co/ogEVTgrzpM
— Daisy M C (@ladydles) November 2, 2017
While Trump may not know a lot about coal mining or green energy technology, he is familiar with bankruptcy. Prior to entering the White House, Trump and his businesses went bankrupt four times.