Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/27/2014 (1 year ago)

Catholic Online (www.catholic.org)

Lower prices, rising competition and oversupply takes toll on energy sector

Dealing with cheap natural gas and tighter regulation, the U.S. coal industry has fallen on hard times. The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

The very fuel that fed the Industrial Revolution and powered U.S. growth for much of the past century, the coal industry finds itself on the brink of insolvency, with many companies going out of business.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/27/2014 (1 year ago)

Published in Business & Economics

Keywords: Coal mining, bankruptcy, frackin, competition


LOS ANGELES, CA (Catholic Online) - An increase in fracking has led some electric utilities away from coal. Adding to coal's woes is the fact that the electric-power sector will use three percent less coal next year and isn't expected to recover to 2011 levels by 2040, the last year of a U.S. Energy Department forecast period.

The coal mining industry is finding itself unable to give the stuff away, as exports are failing to save U.S. miners. Slowing Chinese growth and rising competition from overseas, including increased Australian output, have sent the price of metallurgical coal, commonly used in steelmaking, to a six-year low.

Emergency Fund - SAVE Iraqi Christians from Genocide

Frequently used in power plants to produce electricity, Central Appalachian thermal coal fell on the New York Mercantile Exchange by 4.6 percent in 2013 compared with 2012.

Coal plants capable of generating 60,000 megawatts, enough to power 48 million average U.S. homes, will now shutter and close by 2020 because of tighter pollution regulations, slow growth in power use, and competition from natural gas. According to the Energy Department, that's about 20 percent of coal plants by capacity and about six percent of total power-generating capacity as of 2012.

At 3.2 percent of coal-fired capacity, enough for eight million homes, disappeared in 2012. The balance of closings will occur by 2016, when new clean-air regulations take effect.

At least three coal-related energy producers filed for bankruptcy in less than two years. Longview Power LLC, Dynegy Inc. (DYN) and Edison Mission Energy. The bankruptcies of James River, America West Resources Inc. (AWSRQ), Trinity Coal Corp., Americas Energy Co., Clearwater Resources LP and Consolidated Energy add credence to the concern for the deteriorating market for U.S. coal.

Many companies not in bankruptcy are cutting production and reporting revenue declines.

Lower prices, rising competition and oversupply have taken their toll on coal, cutting profits have pushed many such companies out of business. 

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Business & Economics

ECONOMIC DISASTER LOOMS: Wave of bankruptcies threaten global stability Watch

Image of A leading monetary theorist, William White says that the

By Catholic Online (CALIFORNIA NETWORK)

Waves of bankruptcies worldwide will severely test the world's economic and social stability, Swiss-based chair William White warns. A leading monetary theorist, White says that the "situation is worse than it was in 2007. Our macroeconomic ammunition to fight ... continue reading


Here's what they're really talking about at Davos -- it's not what they want you to think Watch

Image of The world economy is about to tank, or so it seems from the talk at Davos.

By David Drudge (CALIFORNIA NETWORK)

The agenda for Davos is about the future, and is intended to be optimistic, but discussion between the attendees is worrisome as they focus on serious, near-term financial threats. The world economy is on the brink and there are few tools left to fight recession. LOS ... continue reading


GRIM FORECAST: What jobs will be lost in the next FIVE years? A new report has shocking bad news for YOU Watch

Image of The Fourth Industrial Revolution will create a lot of casualties. How are we to cope?

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

A new paper released ahead of the World Economic Forum in Davos predicts that women in particular are at serious risk of losing their jobs within the next several years due to the emergence of new technology. The changes in the marketplace will hit wealthy countries ... continue reading


Retail giant Wal-Mart closing 269 stores in U.S. and Brazil Watch

Image of Of the closures announced Friday, 154 locations will be in the U.S., including the company's 102 smallest-format stores called Wal-Mart Express.

By Catholic Online (CALIFORNIA NETWORK)

Wal-Mart, the uncontested retail giant is just as susceptible to the difficulties of market demands as anybody else is. Wal-Mart has announced that it will be closing 269 markets in both the United States and Brail, the latter the result of a souring economy. ... continue reading


More than $5,000 in taxes collected for every U.S. worker - government still IN DEFICIT Watch

Image of There were 147,439,000 people employed in the United States in December 2014.

By Catholic Online (CALIFORNIA NETWORK)

In what should come as no surprise - tax revenue generated for the first three months of fiscal 2016 -- October through December of 2015 - set an all time record. This did not translate in a reduction of the federal deficit. The Internal revenue Service ... continue reading


U.S. economy to suffer because of China collapse Watch

Image of Chinese markets slid on Thursday, forcing a shutdown.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Another day of losses has hit markets around the globe, starting with a slide so fast and so deep in the Chinese markets that trading was halted. The ripples of the Chinese collapse are being felt around the world with U.S. markets dropping at least 1 percent. LOS ... continue reading


World's richest will meet in Davos, to decide how best to DISPOSE of you Watch

Image of The language of the forum is very benevolent, but make no mistake, the people gathering there don't have your best interest in mind. If they did, the world would be a much different place --and they wouldn't need snipers.

By Marshall Connolly, Catholic Online (THE CALIFORNIA NETWORK)

The Davos men are coming, and guess what's on their agenda? How they will carve up the new world created by the Fourth Industrial Revolution. LOS ANGELES, CA (California Network) - Known formally as the World Economic Forum, the annual meeting of the world's most ... continue reading


NOT-SO FUNNY MONEY: Weird currency in Israel collages American $100 bills with jihadist leaders Watch

Image of Israeli police are investigating the origin of the bills, which was being sent for a forensic analysis.

By Catholic Online (CALIFORNIA NETWORK)

Odd "play money" that collages the American $100 bill with photos of jihadist group leaders have been discovered in northern Israel. Discovered in the northern Israeli town of Sde Eliezer, authorities are stumped to the bills' origin and purpose. LOS ANGELES, ... continue reading


Greedy CEO loses $500 million in failing Obamacare investment Watch

Image of The CEO of United Healthcare invested in ObamaCare last year and will reportedly lose $500 million

By Kenya Sinclair (CALIFORNIA NETWORK)

In 2014, United Healthcare CEO Stephen Hemsley invested in ObamaCare. Today, he realized the decision would cost an estimated $500,000,000 over the next two years. LOS ANGELES, CA (Catholic Online) - By investing in ObamaCare, United Healthcare was able to lower ... continue reading


Three BILLION barrels of excess oil available now - but is this a good thing? Watch

Image of Inflated inventories and oil wealth has spread globally, from the United States to the developed economies of Europe, and now China, according to the agency.

By Catholic Online (CALIFORNIA NETWORK)

With the price of gas comfortably lower than $3 a gallon at many gas pumps across the land, consumers are enjoying a price break. The reason behind this windfall is largely because there are now more than three billion barrels of excess oil in the world. This ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • St. Scholastica: Saint of the Day for Wednesday, February 10, 2016
  • 10 important things to consider during Lent
  • Daily Readings for Wednesday, February 10, 2016
  • Palm Sunday HD Video
  • Take this thought provoking Stations of the Cross survey
  • Stations of the Cross - Fourth Station: Jesus meets his mother HD Video
  • Can you answer these four challenging questions about Lent?

Daily Readings

Reading 1, Joel 2:12-18
12 'But now -- declares Yahweh- come back to me with all your heart, ... Read More

Psalm, Psalms 51:3-4, 5-6, 12-13, 14, 17
3 For I am well aware of my offences, my sin is constantly in ... Read More

Gospel, Matthew 6:1-6, 16-18
1 'Be careful not to parade your uprightness in public to attract ... Read More

Reading 2, Second Corinthians 5:20--6:2
20 So we are ambassadors for Christ; it is as though God were urging you ... Read More

Saint of the Day

Saint of the Day for February 10th, 2016 Image

St. Scholastica
February 10: St. Scholastica, sister of St. Benedict, ... Read More