Murray Energy Corp., the largest coal producer, is facing an 80% layoff. That’s 4,400 jobs that you can lay at the feet of President Obama and the Environmental Protection Agency. And, if Hillary Clinton is elected President, there goes the other 20%. That is a Hillary promise, remember? Where will electricity come from? If there is any available, it will be a lot like Venezuela: Two hours a day, maybe. That is a fundamental change we can do without. Read more below.
As Written By John W. Miller and Tim Puko for WSJ:
Murray Energy Corp., the largest privately held coal miner in the U.S., has warned that it may soon undertake one of the biggest layoffs in the sector during this time of low energy prices.
In a notice sent to workers this week, Murray said it could lay off as many as 4,400 employees, or about 80% of its workforce, because of weak coal markets. The company said it anticipates “massive workforce reductions in September.”
The law requires a 60-day waiting period before large layoffs occur.
The American coal industry, especially in Appalachia, has languished as cheap natural gas replaces coal as fuel for power plants. World-wide demand for coal has also slumped, and new environmental regulations are making many coal mines unprofitable to operate.
The Central Appalachian coal price benchmark is $40 a ton, or half its level from five years ago. Almost all of the biggest coal producers in the U.S. have declared bankruptcy in the past 18 months, including Peabody Energy Corp., Arch Coal Inc. and Alpha Natural Resources Inc.
Robert Murray, the controlling owner of Murray, is a fierce opponent of ….
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