Trump’s Bet On Coal Backfires As Kentucky Mining Company Goes Bankrupt

mining coal bankruptcy trump

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.

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.

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.

About Tobin 242 Articles

Tobin is a political junkie and animal rights advocate who believes that if people can stand on line to buy junk food, they should also be able to stand on line to vote. Tobin is the author of “Afterlife: The Journey of a Dog’s Spirit” now available on Amazon.com http://www.amazon.com/dp/B0150RP9DA

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