Trump Is Failing At Saving The Coal Industry

By Sahid Fawaz

Analysts agree: coal is declining under Trump.

Bloomberg reports:

“More than any other recent president, Donald Trump came to office promising to revive coal and restore mining jobs.

Nineteen months into his term, there’s little improvement.
The industry, which will be a focus of Trump’s visit to West Virginia on Tuesday, has rebounded slightly from a devastating 2016, when cheap natural gas was crushing coal in the power market and three major producers were in bankruptcy. But a recent uptick in exports is masking a bigger problem that the White House hopes to address with its latest effort to aid coal-fired power plants: Simply put, the industry is still losing U.S. customers as utilities increasingly turn to natural gas and renewable power to generate electricity.
Trump’s ‘impact on the coal sector has been extremely minimal in nature despite his rhetoric,’ said Andrew Cosgrove, a Bloomberg Intelligence senior analyst. ‘Power plant retirements are still happening and set to continue looking out through the end of his term.’”
In fact, government analysts expect continuing declines, with U.S. coal production, consumption and exports all projected to decrease in 2019, according to the Energy Information Administration.”
For the rest of the story, visit Bloomberg here.

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