The coal used to be one of the most used natural resources in the world. However, with the advancement of technology, the demand for coal has dropped significantly in the developed world. In the United States, coal companies have been shutting down and filing for bankruptcy. Even with Trump’s efforts to save the industry, almost 2,000 miners recently lost their jobs because another major coal company filed for bankruptcy. This is the third coal company to file for bankruptcy since May and fourth since October 2018.
Coal Sector Continues to Fade Away Amid Trump’s Revival Efforts
According to reports on USA Today, Revelation Energy LLC and Black jewel, an affiliate, is the sixth largest producer of coal. Irrespective of its previous glory and Trump’s Efforts to save the coal industry, the company had to file for bankruptcy.
Ever since he became the President of the United States, Trump has been trying to fulfill his campaign promise of revitalizing the coal mining industry. However, his efforts are being fought against by environmentalists who believe that his policies are going to do more harm than good.
One of the policies the president put in place last month, the Affordable Clean Energy, is expected to save the coal industry by increasing the demand for coal. However, environmentalists believe that this policy is going to lead to lung disease and premature deaths. The policy might attract votes for Trump from states like Pennsylvania and Ohio in the upcoming 2020 election.
Just last month, another coal company, Cambrian Coal LLC, filed for bankruptcy. The filing stated that the company was in a terrible financial state because of the Clean Air Act that was enforced in Virginia and Kentucky.
The coal industry is forecasted to be wiped out entirely by the year 2030 if more policies aren’t put in place to save these companies.