Last week, the coal industry saw a massive amount of layoffs - 460 people lost their jobs in one week. What does this mean for the future of coal?
The layoffs were made by Black Thunder and North Antelope Rochelle last Thursday morning.
"This is a difficult time," said Gillerre Mayor Louise Carter-Kind.
However, the layoffs, according to analysts, is something that has long been needed in the coal industry. They believe that a dramatic cutback in production was needed because the coal market has been oversupplied.
Utilities are burning less coal, but mining farms are sending out train loads of coal shipments. This is causing huge stockpiles of coal to just sit, unused at power plants across the country. The price of 8,800 BTU Powder River Basin coal is below $10, not providing enough of a profit for coal companies.
You Might Also Like...