How the Coal Industry Collapsed
Alexis C. Madrigal reports on the sudden loss of fortune for the American coal industry, despite its best efforts to oppose climate change legislation and subsidies for competing energy sectors. Madrigal describes the state of the American coal industry as one of collapse: "The four largest coal companies were worth a combined $21.7 billion dollars in June 2010. Now they’re worth $1.2 billion. Two other large coal concerns, Patriot and James River, have both filed for bankruptcy in recent years." Industry sources cited by madrigal expect more bankruptcies in the near future.
Madrigal also provides some analysis on just what happened to the industry in the past five year as well as links to further discussion about the state of the industry.